Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
Lowest payment- Down payment
- $20,015
- Funds due
- $32,618
- Interest + MI left
- $141,569
- First ends
- Dec 2051
New loan
New conventional
$3,128/mo
+$693/mo- Down payment
- $35,499
- Funds due
- $45,354
- Interest + MI left
- $484,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,975 | $319,491 |
| Second mortgage | — | — |
| First P&I | $1,583.20 | $2,212.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.90 |
| Taxes, insurance & HOA | $851.83 | $851.83 |
| Total housing payment | $2,435.04 | $3,127.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,015
Closing costs & prepaids$12,603
Usable credit−$0
Total buyer cash needed$32,618
Earnest money paid−$0
Remaining funds due$32,618
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,549.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,674.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$815.50
Initial HOA (3 months)$1,290.00
Prepaid interest, first (2 days)$54.88
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 closing25 yr 1 moOf the original 30-year loan at 2.990%
Interest already paid$52,385Through Nov 2026
Assumption only · ends Dec 2051$141,569
New conventional · ends Dec 2056$484,530