Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,480/mo
Lowest payment- Down payment
- $31,788
- Funds due
- $41,354
- Interest + MI left
- $117,042
- First ends
- Nov 2051
New loan
New conventional
$2,012/mo
+$532/mo- Down payment
- $26,500
- Funds due
- $33,895
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,212 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,167.52 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.70 |
| Taxes, insurance & HOA | $312.67 | $312.67 |
| Total housing payment | $1,480.18 | $2,011.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,788
Closing costs & prepaids$9,567
Usable credit−$0
Total buyer cash needed$41,354
Earnest money paid−$0
Remaining funds due$41,354
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,166.06
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$188.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$44.73
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 yrOf the original 30-year loan at 3.500%
Interest already paid$43,263Through Nov 2026
Assumption only · ends Nov 2051$117,042
New conventional · ends Dec 2056$361,701