Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $19,970
- Funds due
- $31,198
- Interest + MI left
- $91,585
- First ends
- Oct 2051
New loan
New conventional
$2,457/mo
+$460/mo- Down payment
- $23,990
- Funds due
- $33,232
- Interest + MI left
- $315,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $219,930 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,045.35 | $1,462.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.18 |
| Taxes, insurance & HOA | $951.00 | $951.00 |
| Total housing payment | $1,996.35 | $2,456.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,970
Closing costs & prepaids$11,227
Usable credit−$0
Total buyer cash needed$31,198
Earnest money paid−$0
Remaining funds due$31,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,099.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$288.00
Initial HOA (3 months)$2,115.00
Prepaid interest, first (6 days)$107.74
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 2.98%
Interest already paid$36,160Through Dec 2026
Assumption only · ends Oct 2051$91,585
New conventional · ends Jan 2057$315,696