Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $36,898
- Funds due
- $47,110
- Interest + MI left
- $84,653
- First ends
- Aug 2051
New loan
New conventional
$2,154/mo
+$546/mo- Down payment
- $24,400
- Funds due
- $32,698
- Interest + MI left
- $321,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $207,102 | $219,600 |
| Second mortgage | — | — |
| First P&I | $985.66 | $1,487.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.92 |
| Taxes, insurance & HOA | $622.58 | $622.58 |
| Total housing payment | $1,608.24 | $2,154.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,898
Closing costs & prepaids$10,212
Usable credit−$0
Total buyer cash needed$47,110
Earnest money paid−$0
Remaining funds due$47,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,035.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$292.75
Initial HOA (3 months)$1,125.00
Prepaid interest, first (6 days)$100.43
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 2.95%
Interest already paid$34,894Through Dec 2026
Assumption only · ends Aug 2051$84,653
New conventional · ends Jan 2057$321,092