Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $24,804
- Funds due
- $35,038
- Interest + MI left
- $76,515
- First ends
- Feb 2051
New loan
New conventional
$2,121/mo
+$472/mo- Down payment
- $23,000
- Funds due
- $31,361
- Interest + MI left
- $302,668
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $205,196 | $207,000 |
| Second mortgage | — | — |
| First P&I | $971.42 | $1,402.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $41.40 |
| Taxes, insurance & HOA | $677.00 | $677.00 |
| Total housing payment | $1,648.42 | $2,120.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,804
Closing costs & prepaids$10,234
Usable credit−$0
Total buyer cash needed$35,038
Earnest money paid−$0
Remaining funds due$35,038
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,025.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$276.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (7 days)$109.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 2.77%
Interest already paid$35,860Through Dec 2026
Assumption only · ends Feb 2051$76,515
New conventional · ends Jan 2057$302,668