Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $31,941
- Funds due
- $42,719
- Interest + MI left
- $92,547
- First ends
- Oct 2051
New loan
New conventional
$2,365/mo
+$585/mo- Down payment
- $27,000
- Funds due
- $35,702
- Interest + MI left
- $355,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $238,059 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,109.41 | $1,646.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.60 |
| Taxes, insurance & HOA | $670.00 | $670.00 |
| Total housing payment | $1,779.41 | $2,364.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,941
Closing costs & prepaids$10,778
Usable credit−$0
Total buyer cash needed$42,719
Earnest money paid−$0
Remaining funds due$42,719
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,190.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.00
Initial HOA (3 months)$1,236.00
Prepaid interest, first (6 days)$109.57
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$36,842Through Dec 2026
Assumption only · ends Oct 2051$92,547
New conventional · ends Jan 2057$355,306