Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,211/mo
Lowest payment- Down payment
- $33,971
- Funds due
- $46,583
- Interest + MI left
- $207,296
- First ends
- Jan 2055
New loan
New conventional
$3,113/mo
+$902/mo- Down payment
- $42,800
- Funds due
- $52,587
- Interest + MI left
- $563,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,029 | $385,200 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,609.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.04 |
| Taxes, insurance & HOA | $426.17 | $426.17 |
| Total housing payment | $2,210.51 | $3,112.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,971
Closing costs & prepaids$12,612
Usable credit−$0
Total buyer cash needed$46,583
Earnest money paid−$0
Remaining funds due$46,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,970.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.50
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$315.76
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 closing28 yr 1 moOf the original 30-year loan at 3.25%
Interest already paid$25,069Through Dec 2026
Assumption only · ends Jan 2055$207,296
New conventional · ends Jan 2057$563,226