Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $9,559
- Funds due
- $21,503
- Interest + MI left
- $138,846
- First ends
- Jun 2050
New loan
New conventional
$2,897/mo
+$579/mo- Down payment
- $35,990
- Funds due
- $45,103
- Interest + MI left
- $491,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,341 | $323,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $2,242.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.78 |
| Taxes, insurance & HOA | $589.25 | $589.25 |
| Total housing payment | $2,317.83 | $2,896.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,559
Closing costs & prepaids$11,944
Usable credit−$0
Total buyer cash needed$21,503
Earnest money paid−$0
Remaining funds due$21,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,751.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,207.75
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$57.59
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 closing23 yr 7 moOf the original 30-year loan at 3.000%
Interest already paid$73,441Through Nov 2026
Assumption only · ends Jun 2050$138,846
New conventional · ends Dec 2056$491,231