Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $38,552
- Funds due
- $49,887
- Interest + MI left
- $357,021
- First ends
- Nov 2052
New loan
New conventional
$2,740/mo
+$130/mo- Down payment
- $35,900
- Funds due
- $44,487
- Interest + MI left
- $490,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,448 | $323,100 |
| Second mortgage | — | — |
| First P&I | $2,171.37 | $2,237.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.62 |
| Taxes, insurance & HOA | $438.50 | $438.50 |
| Total housing payment | $2,609.88 | $2,740.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,552
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$49,887
Earnest money paid−$0
Remaining funds due$49,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$605.50
Initial HOA (3 months)$260.01
Prepaid interest, first (1 days)$58.82
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 6.700%
Interest already paid$88,172Through Nov 2026
Assumption only · ends Nov 2052$357,021
New conventional · ends Dec 2056$490,003