Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
Lowest payment- Down payment
- $19,461
- Funds due
- $30,554
- Interest + MI left
- $208,640
- First ends
- Nov 2052
New loan
New conventional
$2,511/mo
+$263/mo- Down payment
- $27,100
- Funds due
- $35,884
- Interest + MI left
- $369,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,539 | $243,900 |
| Second mortgage | — | — |
| First P&I | $1,474.93 | $1,688.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.78 |
| Taxes, insurance & HOA | $773.50 | $773.50 |
| Total housing payment | $2,248.43 | $2,510.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,461
Closing costs & prepaids$11,092
Usable credit−$0
Total buyer cash needed$30,554
Earnest money paid−$0
Remaining funds due$30,554
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,710.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,257.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$991.50
Initial HOA (3 months)$879.00
Prepaid interest, first (1 days)$35.97
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$54,335Through Nov 2026
Assumption only · ends Nov 2052$208,640
New conventional · ends Dec 2056$369,891