Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,978/mo
Lowest payment- Down payment
- $25,361
- Funds due
- $36,514
- Interest + MI left
- $89,584
- First ends
- Dec 2051
New loan
New conventional
$2,491/mo
+$513/mo- Down payment
- $23,500
- Funds due
- $32,628
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $209,639 | $211,500 |
| Second mortgage | — | — |
| First P&I | $994.10 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $42.30 |
| Taxes, insurance & HOA | $984.00 | $984.00 |
| Total housing payment | $1,978.10 | $2,490.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,361
Closing costs & prepaids$11,153
Usable credit−$0
Total buyer cash needed$36,514
Earnest money paid−$0
Remaining funds due$36,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,048.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$153.00
Initial HOA (3 months)$2,349.00
Prepaid interest, first (2 days)$34.69
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 3.020%
Interest already paid$33,104Through Nov 2026
Assumption only · ends Dec 2051$89,584
New conventional · ends Dec 2056$320,754