Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$18,784/mo
Lowest payment- Down payment
- $1,096,308
- Funds due
- $1,160,472
- Interest + MI left
- $2,992,897
- First ends
- Feb 2056
Assumption
Assumption + second
$24,072/mo
+$5,287/mo- Down payment
- $358,308
- Funds due
- $424,036
- Interest + MI left
- $4,158,261
- First ends
- Feb 2056
New loan
New conventional
$26,111/mo
+$7,326/mo- Down payment
- $358,308
- Funds due
- $406,142
- Interest + MI left
- $4,878,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $2,478,692 | $2,478,692 | $3,216,692 |
| Second mortgage | — | $738,000 | — |
| First P&I | $15,588.57 | $15,588.57 | $22,271.73 |
| Second P&I | — | $5,287.12 | — |
| Mortgage insurance | — | — | $643.34 |
| Taxes, insurance & HOA | $3,195.83 | $3,195.83 | $3,195.83 |
| Total housing payment | $18,784.41 | $24,071.53 | $26,110.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$358,308
Closing costs & prepaids$65,728
Usable credit−$0
Total buyer cash needed$424,036
Earnest money paid−$0
Remaining funds due$424,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$35,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$12,393.46
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)$8,937.50
Prepaid interest, first (2 days)$865.17
Prepaid interest, second (2 days)$313.40
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 closing29 yr 3 moOf the original 30-year loan at 6.370%
Interest already paid$118,989Through Nov 2026
Assumption only · ends Feb 2056$2,992,897
Assumption + second · ends Feb 2056, second Dec 2056$4,158,261
New conventional · ends Dec 2056$4,878,330