Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,598/mo
Lowest payment- Down payment
- $40,461
- Funds due
- $52,159
- Interest + MI left
- $282,282
- First ends
- Oct 2049
New loan
New conventional
$2,682/mo
+$84/mo- Down payment
- $36,800
- Funds due
- $45,790
- Interest + MI left
- $484,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,539 | $331,200 |
| Second mortgage | — | — |
| First P&I | $2,225.62 | $2,243.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.24 |
| Taxes, insurance & HOA | $372.17 | $372.17 |
| Total housing payment | $2,597.79 | $2,682.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,461
Closing costs & prepaids$11,698
Usable credit−$0
Total buyer cash needed$52,159
Earnest money paid−$0
Remaining funds due$52,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,637.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$441.50
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$495.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing22 yr 10 moOf the original 25-year loan at 6.14%
Interest already paid$44,515Through Dec 2026
Assumption only · ends Oct 2049$282,282
New conventional · ends Jan 2057$484,269