Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $21,576
- Funds due
- $32,040
- Interest + MI left
- $111,636
- First ends
- Oct 2051
New loan
New conventional
$2,344/mo
+$619/mo- Down payment
- $30,000
- Funds due
- $38,045
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,424 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,304.55 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $420.17 | $420.17 |
| Total housing payment | $1,724.71 | $2,343.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,576
Closing costs & prepaids$10,464
Usable credit−$0
Total buyer cash needed$32,040
Earnest money paid−$0
Remaining funds due$32,040
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,392.12
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.50
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$43.79
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 2.870%
Interest already paid$43,368Through Nov 2026
Assumption only · ends Oct 2051$111,636
New conventional · ends Dec 2056$409,473