Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,649/mo
Lowest payment- Down payment
- $24,597
- Funds due
- $34,826
- Interest + MI left
- $121,650
- First ends
- Aug 2051
New loan
New conventional
$2,297/mo
+$647/mo- Down payment
- $32,000
- Funds due
- $39,707
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $295,403 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,404.22 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $245.17 | $245.17 |
| Total housing payment | $1,649.38 | $2,296.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,597
Closing costs & prepaids$10,228
Usable credit−$0
Total buyer cash needed$34,826
Earnest money paid−$0
Remaining funds due$34,826
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,477.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$285.50
Prepaid interest, first (2 days)$47.91
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$49,093Through Nov 2026
Assumption only · ends Aug 2051$121,650
New conventional · ends Dec 2056$436,771