Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,436/mo
Lowest payment- Down payment
- $18,294
- Funds due
- $34,603
- Interest + MI left
- $249,314
- First ends
- Oct 2051
New loan
New conventional
$4,530/mo
+$1,094/mo- Down payment
- $64,000
- Funds due
- $76,153
- Interest + MI left
- $842,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $621,706 | $576,000 |
| Second mortgage | — | — |
| First P&I | $2,922.89 | $3,902.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $512.67 | $512.67 |
| Total housing payment | $3,435.55 | $4,529.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,294
Closing costs & prepaids$16,309
Usable credit−$0
Total buyer cash needed$34,603
Earnest money paid−$0
Remaining funds due$34,603
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,108.53
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$768.00
Initial HOA (3 months)$270.00
Prepaid interest, first (6 days)$294.33
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 closing24 yr 10 moOf the original 30-year loan at 2.88%
Interest already paid$98,886Through Dec 2026
Assumption only · ends Oct 2051$249,314
New conventional · ends Jan 2057$842,207