Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $27,125
- Funds due
- $37,657
- Interest + MI left
- $98,043
- First ends
- Jul 2050
New loan
New conventional
$2,238/mo
+$433/mo- Down payment
- $24,900
- Funds due
- $33,448
- Interest + MI left
- $327,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $221,875 | $224,100 |
| Second mortgage | — | — |
| First P&I | $1,130.45 | $1,518.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.82 |
| Taxes, insurance & HOA | $674.58 | $674.58 |
| Total housing payment | $1,805.03 | $2,237.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,125
Closing costs & prepaids$10,532
Usable credit−$0
Total buyer cash needed$37,657
Earnest money paid−$0
Remaining funds due$37,657
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,109.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$298.75
Initial HOA (3 months)$1,275.00
Prepaid interest, first (7 days)$140.84
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 closing23 yr 7 moOf the original 30-year loan at 3.31%
Interest already paid$51,123Through Dec 2026
Assumption only · ends Jul 2050$98,043
New conventional · ends Jan 2057$327,671