Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,223/mo
+$671/mo- Down payment
- $0
- Funds due
- $12,640
- Interest + MI left
- $175,670
- First ends
- May 2051
New loan
New conventional
$2,552/mo
Lowest payment- Down payment
- $19,990
- Funds due
- $29,649
- Interest + MI left
- $272,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,445 | $179,910 |
| Second mortgage | — | — |
| First P&I | $1,952.77 | $1,245.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.98 |
| Taxes, insurance & HOA | $1,270.50 | $1,270.50 |
| Total housing payment | $3,223.27 | $2,552.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,640
Usable credit−$0
Total buyer cash needed$12,640
Earnest money paid−$0
Remaining funds due$12,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,992.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,975.50
Initial HOA (3 months)$1,386.00
Prepaid interest, first (2 days)$69.43
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 closing24 yr 6 moOf the original 30-year loan at 3.180%
Interest already paid$74,641Through Nov 2026
Assumption only · ends May 2051$175,670
New conventional · ends Dec 2056$272,846