Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $38,215
- Funds due
- $52,240
- Interest + MI left
- $185,444
- First ends
- Nov 2051
New loan
New conventional
$3,677/mo
+$1,041/mo- Down payment
- $52,300
- Funds due
- $62,921
- Interest + MI left
- $688,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,785 | $470,700 |
| Second mortgage | — | — |
| First P&I | $2,241.57 | $3,188.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.14 |
| Taxes, insurance & HOA | $394.58 | $394.58 |
| Total housing payment | $2,636.15 | $3,677.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,215
Closing costs & prepaids$14,025
Usable credit−$0
Total buyer cash needed$52,240
Earnest money paid−$0
Remaining funds due$52,240
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,230.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,423.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$627.50
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$219.15
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 closing24 yr 11 moOf the original 30-year loan at 2.75%
Interest already paid$72,441Through Dec 2026
Assumption only · ends Nov 2051$185,444
New conventional · ends Jan 2057$688,241