Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $10,242
- Funds due
- $20,336
- Interest + MI left
- $116,184
- First ends
- Jul 2051
New loan
New conventional
$2,208/mo
+$552/mo- Down payment
- $29,990
- Funds due
- $37,575
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,658 | $269,910 |
| Second mortgage | — | — |
| First P&I | $1,371.09 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $285.25 | $285.25 |
| Total housing payment | $1,656.34 | $2,208.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,242
Closing costs & prepaids$10,094
Usable credit−$0
Total buyer cash needed$20,336
Earnest money paid−$0
Remaining funds due$20,336
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,448.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$337.00
Initial HOA (3 months)$68.76
Prepaid interest, first (1 days)$23.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 2.900%
Interest already paid$48,001Through Nov 2026
Assumption only · ends Jul 2051$116,184
New conventional · ends Dec 2056$409,337