Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,489/mo
Lowest payment- Down payment
- $32,750
- Funds due
- $44,196
- Interest + MI left
- $277,211
- First ends
- Dec 2052
New loan
New conventional
$2,673/mo
+$184/mo- Down payment
- $30,000
- Funds due
- $39,033
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,250 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,739.49 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $749.67 | $749.67 |
| Total housing payment | $2,489.16 | $2,673.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,750
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$44,196
Earnest money paid−$0
Remaining funds due$44,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,336.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$788.00
Initial HOA (3 months)$1,011.00
Prepaid interest, first (2 days)$92.11
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 closing26 yr 1 moOf the original 30-year loan at 6.290%
Interest already paid$67,681Through Nov 2026
Assumption only · ends Dec 2052$277,211
New conventional · ends Dec 2056$409,473