Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,037/mo
Lowest payment- Down payment
- $2,145,235
- Funds due
- $2,181,621
- Interest + MI left
- $223,716
- First ends
- Oct 2050
Assumption
Assumption + second
$16,470/mo
+$13,433/mo- Down payment
- $270,235
- Funds due
- $308,667
- Interest + MI left
- $3,184,499
- First ends
- Oct 2050
New loan
New conventional
$17,616/mo
+$14,578/mo- Down payment
- $270,235
- Funds due
- $301,268
- Interest + MI left
- $3,677,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $549,765 | $549,765 | $2,424,765 |
| Second mortgage | — | $1,875,000 | — |
| First P&I | $2,695.05 | $2,695.05 | $16,788.58 |
| Second P&I | — | $13,432.73 | — |
| Mortgage insurance | — | — | $484.95 |
| Taxes, insurance & HOA | $342.42 | $342.42 | $342.42 |
| Total housing payment | $3,037.47 | $16,470.20 | $17,615.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$270,235
Closing costs & prepaids$38,432
Usable credit−$0
Total buyer cash needed$308,667
Earnest money paid−$0
Remaining funds due$308,667
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$26,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,748.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$377.25
Prepaid interest, first (2 days)$91.28
Prepaid interest, second (2 days)$796.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 11 moOf the original 30-year loan at 3.030%
Interest already paid$109,712Through Nov 2026
Assumption only · ends Oct 2050$223,716
Assumption + second · ends Oct 2050, second Dec 2056$3,184,499
New conventional · ends Dec 2056$3,677,319