Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,331/mo
Lowest payment- Down payment
- $17,526
- Funds due
- $29,715
- Interest + MI left
- $116,325
- First ends
- Aug 2051
New loan
New conventional
$2,911/mo
+$581/mo- Down payment
- $30,000
- Funds due
- $39,748
- 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 | $282,474 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,342.76 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $987.75 | $987.75 |
| Total housing payment | $2,330.51 | $2,911.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,526
Closing costs & prepaids$12,189
Usable credit−$0
Total buyer cash needed$29,715
Earnest money paid−$0
Remaining funds due$29,715
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%)$1,412.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,361.25
Initial HOA (3 months)$1,152.00
Prepaid interest, first (2 days)$45.81
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 closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$46,944Through Nov 2026
Assumption only · ends Aug 2051$116,325
New conventional · ends Dec 2056$409,473