Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,609/mo
Lowest payment- Down payment
- $38,283
- Funds due
- $51,283
- Interest + MI left
- $109,096
- First ends
- Aug 2050
New loan
New conventional
$3,202/mo
+$593/mo- Down payment
- $29,000
- Funds due
- $39,719
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $251,717 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,266.01 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.20 |
| Taxes, insurance & HOA | $1,342.75 | $1,342.75 |
| Total housing payment | $2,608.76 | $3,202.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,283
Closing costs & prepaids$12,999
Usable credit−$0
Total buyer cash needed$51,283
Earnest money paid−$0
Remaining funds due$51,283
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,258.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$407.25
Initial HOA (3 months)$3,171.00
Prepaid interest, first (2 days)$44.55
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 closing23 yr 9 moOf the original 30-year loan at 3.230%
Interest already paid$55,033Through Nov 2026
Assumption only · ends Aug 2050$109,096
New conventional · ends Dec 2056$395,824