Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $22,951
- Funds due
- $33,712
- Interest + MI left
- $173,382
- First ends
- Jun 2052
New loan
New conventional
$2,437/mo
+$453/mo- Down payment
- $29,900
- Funds due
- $38,235
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,049 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,463.95 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $520.08 | $520.08 |
| Total housing payment | $1,984.03 | $2,437.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,951
Closing costs & prepaids$10,762
Usable credit−$0
Total buyer cash needed$33,712
Earnest money paid−$0
Remaining funds due$33,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,380.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$300.25
Initial HOA (3 months)$810.00
Prepaid interest, first (2 days)$63.08
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$53,199Through Nov 2026
Assumption only · ends Jun 2052$173,382
New conventional · ends Dec 2056$408,108