Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $30,148
- Funds due
- $39,247
- Interest + MI left
- $47,651
- First ends
- Sep 2051
New loan
New conventional
$1,657/mo
+$363/mo- Down payment
- $14,500
- Funds due
- $22,201
- Interest + MI left
- $190,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $114,852 | $130,500 |
| Second mortgage | — | — |
| First P&I | $547.15 | $884.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $26.10 |
| Taxes, insurance & HOA | $747.00 | $747.00 |
| Total housing payment | $1,294.15 | $1,657.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,148
Closing costs & prepaids$9,099
Usable credit−$0
Total buyer cash needed$39,247
Earnest money paid−$0
Remaining funds due$39,247
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$574.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$174.00
Initial HOA (3 months)$1,617.00
Prepaid interest, first (7 days)$65.64
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$19,212Through Dec 2026
Assumption only · ends Sep 2051$47,651
New conventional · ends Jan 2057$190,813