Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $7,906
- Funds due
- $19,642
- Interest + MI left
- $113,474
- First ends
- May 2050
New loan
New conventional
$2,627/mo
+$345/mo- Down payment
- $26,500
- Funds due
- $36,033
- Interest + MI left
- $348,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,094 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,318.75 | $1,615.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.70 |
| Taxes, insurance & HOA | $964.00 | $964.00 |
| Total housing payment | $2,282.75 | $2,627.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,906
Closing costs & prepaids$11,736
Usable credit−$0
Total buyer cash needed$19,642
Earnest money paid−$0
Remaining funds due$19,642
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,285.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$318.00
Initial HOA (3 months)$2,124.00
Prepaid interest, first (6 days)$140.73
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 closing23 yr 5 moOf the original 30-year loan at 3.33%
Interest already paid$61,293Through Dec 2026
Assumption only · ends May 2050$113,474
New conventional · ends Jan 2057$348,726