Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $34,738
- Funds due
- $44,576
- Interest + MI left
- $58,561
- First ends
- Mar 2051
New loan
New conventional
$1,969/mo
+$472/mo- Down payment
- $19,500
- Funds due
- $27,707
- Interest + MI left
- $256,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $160,262 | $175,500 |
| Second mortgage | — | — |
| First P&I | $751.97 | $1,188.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.10 |
| Taxes, insurance & HOA | $745.00 | $745.00 |
| Total housing payment | $1,496.97 | $1,969.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,738
Closing costs & prepaids$9,838
Usable credit−$0
Total buyer cash needed$44,576
Earnest money paid−$0
Remaining funds due$44,576
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$801.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$234.00
Initial HOA (3 months)$1,551.00
Prepaid interest, first (7 days)$83.29
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 closing24 yr 3 moOf the original 30-year loan at 2.71%
Interest already paid$26,991Through Dec 2026
Assumption only · ends Mar 2051$58,561
New conventional · ends Jan 2057$256,610