Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,305/mo
Lowest payment- Down payment
- $20,763
- Funds due
- $33,082
- Interest + MI left
- $140,734
- First ends
- Dec 2051
New loan
New conventional
$2,950/mo
+$645/mo- Down payment
- $35,499
- Funds due
- $45,212
- Interest + MI left
- $467,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,227 | $319,491 |
| Second mortgage | — | — |
| First P&I | $1,583.20 | $2,164.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.90 |
| Taxes, insurance & HOA | $722.00 | $722.00 |
| Total housing payment | $2,305.20 | $2,950.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,763
Closing costs & prepaids$12,319
Usable credit−$0
Total buyer cash needed$33,082
Earnest money paid−$0
Remaining funds due$33,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,549.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,671.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.00
Initial HOA (3 months)$1,290.00
Prepaid interest, first (6 days)$164.27
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 closing25 yrOf the original 30-year loan at 2.99%
Interest already paid$53,219Through Dec 2026
Assumption only · ends Dec 2051$140,734
New conventional · ends Jan 2057$467,149