Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $23,919
- Funds due
- $34,639
- Interest + MI left
- $196,109
- First ends
- Nov 2052
New loan
New conventional
$2,513/mo
+$586/mo- Down payment
- $35,477
- Funds due
- $43,424
- Interest + MI left
- $484,229
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,851 | $319,293 |
| Second mortgage | — | — |
| First P&I | $1,688.97 | $2,210.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.86 |
| Taxes, insurance & HOA | $238.08 | $238.08 |
| Total housing payment | $1,927.06 | $2,512.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,919
Closing costs & prepaids$10,720
Usable credit−$0
Total buyer cash needed$34,639
Earnest money paid−$0
Remaining funds due$34,639
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,547.70
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,654.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$24.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$35.35
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 closing26 yrOf the original 30-year loan at 3.900%
Interest already paid$53,836Through Nov 2026
Assumption only · ends Nov 2052$196,109
New conventional · ends Dec 2056$484,229