Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,695/mo
Lowest payment- Down payment
- $36,648
- Funds due
- $50,610
- Interest + MI left
- $203,101
- First ends
- Jan 2052
New loan
New conventional
$3,619/mo
+$924/mo- Down payment
- $50,000
- Funds due
- $60,648
- Interest + MI left
- $657,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $463,352 | $450,000 |
| Second mortgage | — | — |
| First P&I | $2,214.13 | $3,048.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $480.67 | $480.67 |
| Total housing payment | $2,694.80 | $3,619.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,648
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$50,610
Earnest money paid−$0
Remaining funds due$50,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$342.00
Prepaid interest, first (6 days)$235.36
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 yr 1 moOf the original 30-year loan at 3.09%
Interest already paid$74,814Through Dec 2026
Assumption only · ends Jan 2052$203,101
New conventional · ends Jan 2057$657,974