Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
Lowest payment- Down payment
- $37,984
- Funds due
- $50,969
- Interest + MI left
- $156,472
- First ends
- Nov 2051
New loan
New conventional
$3,301/mo
+$891/mo- Down payment
- $43,900
- Funds due
- $53,929
- Interest + MI left
- $577,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,016 | $395,100 |
| Second mortgage | — | — |
| First P&I | $1,864.51 | $2,676.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.02 |
| Taxes, insurance & HOA | $545.58 | $545.58 |
| Total housing payment | $2,410.09 | $3,301.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,984
Closing costs & prepaids$12,984
Usable credit−$0
Total buyer cash needed$50,969
Earnest money paid−$0
Remaining funds due$50,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,005.08
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$526.75
Initial HOA (3 months)$660.00
Prepaid interest, first (6 days)$184.58
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 2.8%
Interest already paid$60,983Through Dec 2026
Assumption only · ends Nov 2051$156,472
New conventional · ends Jan 2057$577,702