Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,713/mo
Lowest payment- Down payment
- $32,862
- Funds due
- $43,359
- Interest + MI left
- $84,335
- First ends
- Oct 2051
New loan
New conventional
$2,305/mo
+$592/mo- Down payment
- $24,900
- Funds due
- $33,332
- Interest + MI left
- $339,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $216,138 | $224,100 |
| Second mortgage | — | — |
| First P&I | $1,004.92 | $1,551.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.82 |
| Taxes, insurance & HOA | $708.42 | $708.42 |
| Total housing payment | $1,713.34 | $2,304.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,862
Closing costs & prepaids$10,497
Usable credit−$0
Total buyer cash needed$43,359
Earnest money paid−$0
Remaining funds due$43,359
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$706.25
Initial HOA (3 months)$969.00
Prepaid interest, first (2 days)$33.16
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 11 moOf the original 30-year loan at 2.800%
Interest already paid$32,868Through Nov 2026
Assumption only · ends Oct 2051$84,335
New conventional · ends Dec 2056$339,863