Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,289/mo
Lowest payment- Down payment
- $32,842
- Funds due
- $45,120
- Interest + MI left
- $114,457
- First ends
- Apr 2051
New loan
New conventional
$3,030/mo
+$741/mo- Down payment
- $34,000
- Funds due
- $43,648
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,158 | $306,000 |
| Second mortgage | — | — |
| First P&I | $1,438.96 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $850.42 | $850.42 |
| Total housing payment | $2,289.37 | $3,030.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,842
Closing costs & prepaids$12,278
Usable credit−$0
Total buyer cash needed$45,120
Earnest money paid−$0
Remaining funds due$45,120
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,535.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$421.25
Initial HOA (3 months)$1,680.00
Prepaid interest, first (1 days)$23.06
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$50,633Through Nov 2026
Assumption only · ends Apr 2051$114,457
New conventional · ends Dec 2056$464,070