Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,126/mo
Lowest payment- Down payment
- $29,708
- Funds due
- $41,529
- Interest + MI left
- $135,717
- First ends
- Dec 2051
New loan
New conventional
$2,789/mo
+$662/mo- Down payment
- $34,500
- Funds due
- $43,815
- Interest + MI left
- $454,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,292 | $310,500 |
| Second mortgage | — | — |
| First P&I | $1,503.37 | $2,103.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $623.00 | $623.00 |
| Total housing payment | $2,126.37 | $2,788.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,708
Closing costs & prepaids$11,822
Usable credit−$0
Total buyer cash needed$41,529
Earnest money paid−$0
Remaining funds due$41,529
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,576.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$414.00
Initial HOA (3 months)$1,005.00
Prepaid interest, first (6 days)$158.08
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 3.05%
Interest already paid$51,182Through Dec 2026
Assumption only · ends Dec 2051$135,717
New conventional · ends Jan 2057$454,002