Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,200/mo
Lowest payment- Down payment
- $37,230
- Funds due
- $49,437
- Interest + MI left
- $160,736
- First ends
- Aug 2051
New loan
New conventional
$3,026/mo
+$826/mo- Down payment
- $42,900
- Funds due
- $52,191
- Interest + MI left
- $564,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,770 | $386,100 |
| Second mortgage | — | — |
| First P&I | $1,866.57 | $2,615.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.22 |
| Taxes, insurance & HOA | $333.00 | $333.00 |
| Total housing payment | $2,199.58 | $3,025.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,230
Closing costs & prepaids$12,206
Usable credit−$0
Total buyer cash needed$49,437
Earnest money paid−$0
Remaining funds due$49,437
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,958.85
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$514.75
Initial HOA (3 months)$34.26
Prepaid interest, first (6 days)$190.63
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$66,225Through Dec 2026
Assumption only · ends Aug 2051$160,736
New conventional · ends Jan 2057$564,542