Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,027/mo
Lowest payment- Down payment
- $2,358,798
- Funds due
- $2,397,483
- Interest + MI left
- $150,805
- First ends
- Mar 2051
Assumption
Assumption + second
$17,936/mo
+$14,909/mo- Down payment
- $277,798
- Funds due
- $318,175
- Interest + MI left
- $3,436,879
- First ends
- Mar 2051
New loan
New conventional
$18,875/mo
+$15,848/mo- Down payment
- $277,798
- Funds due
- $311,307
- Interest + MI left
- $3,787,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,202 | $416,202 | $2,497,202 |
| Second mortgage | — | $2,081,000 | — |
| First P&I | $1,941.81 | $1,941.81 | $17,290.12 |
| Second P&I | — | $14,908.54 | — |
| Mortgage insurance | — | — | $499.44 |
| Taxes, insurance & HOA | $1,085.25 | $1,085.25 | $1,085.25 |
| Total housing payment | $3,027.06 | $17,935.59 | $18,874.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$277,798
Closing costs & prepaids$40,377
Usable credit−$0
Total buyer cash needed$318,175
Earnest money paid−$0
Remaining funds due$318,175
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$27,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,081.01
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)$2,071.75
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$30.56
Prepaid interest, second (1 days)$441.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yr 4 moOf the original 30-year loan at 2.680%
Interest already paid$68,245Through Nov 2026
Assumption only · ends Mar 2051$150,805
Assumption + second · ends Mar 2051, second Dec 2056$3,436,879
New conventional · ends Dec 2056$3,787,175