Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $45,233
- Interest + MI left
- $228,307
- First ends
- Oct 2051
New loan
New conventional
$3,259/mo
+$741/mo- Down payment
- $45,500
- Funds due
- $54,962
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,510 | $409,500 |
| Second mortgage | — | — |
| First P&I | $2,176.64 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.90 |
| Taxes, insurance & HOA | $341.92 | $341.92 |
| Total housing payment | $2,518.56 | $3,259.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,490
Closing costs & prepaids$12,743
Usable credit−$0
Total buyer cash needed$45,233
Earnest money paid−$0
Remaining funds due$45,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,112.55
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$312.75
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$86.82
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 closing24 yr 11 moOf the original 30-year loan at 3.750%
Interest already paid$85,285Through Nov 2026
Assumption only · ends Oct 2051$228,307
New conventional · ends Dec 2056$621,034