Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,963/mo
Lowest payment- Down payment
- $40,265
- Funds due
- $51,656
- Interest + MI left
- $112,257
- First ends
- Aug 2051
New loan
New conventional
$2,633/mo
+$670/mo- Down payment
- $31,490
- Funds due
- $40,602
- Interest + MI left
- $414,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,635 | $283,410 |
| Second mortgage | — | — |
| First P&I | $1,307.07 | $1,919.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.68 |
| Taxes, insurance & HOA | $656.00 | $656.00 |
| Total housing payment | $1,963.07 | $2,632.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,265
Closing costs & prepaids$11,391
Usable credit−$0
Total buyer cash needed$51,656
Earnest money paid−$0
Remaining funds due$51,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,373.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$378.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (6 days)$133.18
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$46,273Through Dec 2026
Assumption only · ends Aug 2051$112,257
New conventional · ends Jan 2057$414,392