Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,931/mo
Lowest payment- Down payment
- $2,778,973
- Funds due
- $2,828,115
- Interest + MI left
- $261,103
- First ends
- May 2051
Assumption
Assumption + second
$22,361/mo
+$17,430/mo- Down payment
- $345,973
- Funds due
- $401,015
- Interest + MI left
- $4,103,015
- First ends
- May 2051
New loan
New conventional
$23,398/mo
+$18,467/mo- Down payment
- $345,973
- Funds due
- $392,531
- Interest + MI left
- $4,538,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $671,027 | $671,027 | $3,104,027 |
| Second mortgage | — | $2,433,000 | — |
| First P&I | $3,181.33 | $3,181.33 | $21,027.76 |
| Second P&I | — | $17,430.31 | — |
| Mortgage insurance | — | — | $620.81 |
| Taxes, insurance & HOA | $1,749.25 | $1,749.25 | $1,749.25 |
| Total housing payment | $4,930.58 | $22,360.89 | $23,397.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$345,973
Closing costs & prepaids$55,042
Usable credit−$0
Total buyer cash needed$401,015
Earnest money paid−$0
Remaining funds due$401,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$34,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,355.14
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)$4,140.00
Initial HOA (3 months)$457.74
Prepaid interest, first (9 days)$471.56
Prepaid interest, second (9 days)$4,649.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 2.85%
Interest already paid$114,916Through Dec 2026
Assumption only · ends May 2051$261,103
Assumption + second · ends May 2051, second Jan 2057$4,103,015
New conventional · ends Jan 2057$4,538,601