Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,577/mo
Lowest payment- Down payment
- $32,363
- Funds due
- $42,505
- Interest + MI left
- $83,830
- First ends
- Oct 2051
New loan
New conventional
$2,129/mo
+$552/mo- Down payment
- $24,800
- Funds due
- $32,987
- Interest + MI left
- $326,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,637 | $223,200 |
| Second mortgage | — | — |
| First P&I | $1,004.92 | $1,512.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.64 |
| Taxes, insurance & HOA | $572.17 | $572.17 |
| Total housing payment | $1,577.09 | $2,128.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,363
Closing costs & prepaids$10,142
Usable credit−$0
Total buyer cash needed$42,505
Earnest money paid−$0
Remaining funds due$42,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,078.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$297.50
Initial HOA (3 months)$969.00
Prepaid interest, first (6 days)$99.25
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$33,372Through Dec 2026
Assumption only · ends Oct 2051$83,830
New conventional · ends Jan 2057$326,355