Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,890/mo
Lowest payment- Down payment
- $1,860,191
- Funds due
- $1,897,524
- Interest + MI left
- $115,245
- First ends
- Oct 2043
Assumption
Assumption + second
$16,568/mo
+$11,678/mo- Down payment
- $230,191
- Funds due
- $270,158
- Interest + MI left
- $2,689,152
- First ends
- Oct 2043
New loan
New conventional
$16,470/mo
+$11,580/mo- Down payment
- $230,191
- Funds due
- $263,725
- Interest + MI left
- $2,983,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,809 | $434,809 | $2,064,809 |
| Second mortgage | — | $1,630,000 | — |
| First P&I | $2,723.04 | $2,723.04 | $13,890.10 |
| Second P&I | — | $11,677.52 | — |
| Mortgage insurance | — | — | $412.96 |
| Taxes, insurance & HOA | $2,167.42 | $2,167.42 | $2,167.42 |
| Total housing payment | $4,890.46 | $16,567.97 | $16,470.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$230,191
Closing costs & prepaids$39,967
Usable credit−$0
Total buyer cash needed$270,158
Earnest money paid−$0
Remaining funds due$270,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$22,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,174.04
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)$5,852.25
Prepaid interest, first (4 days)$138.19
Prepaid interest, second (4 days)$1,384.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing16 yr 10 moOf the original 22-year loan at 2.9%
Interest already paid$72,650Through Dec 2026
Assumption only · ends Oct 2043$115,245
Assumption + second · ends Oct 2043, second Jan 2057$2,689,152
New conventional · ends Jan 2057$2,983,531