Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,631/mo
Lowest payment- Down payment
- $36,423
- Funds due
- $46,638
- Interest + MI left
- $85,163
- First ends
- Aug 2051
New loan
New conventional
$2,210/mo
+$579/mo- Down payment
- $24,400
- Funds due
- $32,596
- Interest + MI left
- $333,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $207,577 | $219,600 |
| Second mortgage | — | — |
| First P&I | $985.66 | $1,520.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.92 |
| Taxes, insurance & HOA | $645.25 | $645.25 |
| Total housing payment | $1,630.91 | $2,209.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,423
Closing costs & prepaids$10,215
Usable credit−$0
Total buyer cash needed$46,638
Earnest money paid−$0
Remaining funds due$46,638
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,037.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.75
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$33.55
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 2.950%
Interest already paid$34,384Through Nov 2026
Assumption only · ends Aug 2051$85,163
New conventional · ends Dec 2056$333,038