Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $29,007
- Funds due
- $40,831
- Interest + MI left
- $136,520
- First ends
- Dec 2051
New loan
New conventional
$2,870/mo
+$709/mo- Down payment
- $34,500
- Funds due
- $43,679
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,993 | $310,500 |
| Second mortgage | — | — |
| First P&I | $1,503.37 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $657.58 | $657.58 |
| Total housing payment | $2,160.95 | $2,869.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,007
Closing costs & prepaids$11,824
Usable credit−$0
Total buyer cash needed$40,831
Earnest money paid−$0
Remaining funds due$40,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,579.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$517.75
Initial HOA (3 months)$1,005.00
Prepaid interest, first (2 days)$52.81
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 3.050%
Interest already paid$50,379Through Nov 2026
Assumption only · ends Dec 2051$136,520
New conventional · ends Dec 2056$470,894