Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
+$1,540/mo- Down payment
- $0
- Funds due
- $7,271
- Interest + MI left
- $151,842
- First ends
- Oct 2049
New loan
New conventional
$322/mo
Lowest payment- Down payment
- $2,200
- Funds due
- $6,948
- Interest + MI left
- $28,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,067 | $19,800 |
| Second mortgage | — | — |
| First P&I | $1,678.50 | $134.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $3.96 |
| Taxes, insurance & HOA | $183.83 | $183.83 |
| Total housing payment | $1,862.33 | $321.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,271
Usable credit−$0
Total buyer cash needed$7,271
Earnest money paid−$0
Remaining funds due$7,271
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$220.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,540.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$26.50
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$190.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing22 yr 10 moOf the original 30-year loan at 3.77%
Interest already paid$90,868Through Dec 2026
Assumption only · ends Oct 2049$151,842
New conventional · ends Jan 2057$28,951