Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $42,169
- Funds due
- $53,317
- Interest + MI left
- $122,004
- First ends
- Nov 2051
New loan
New conventional
$2,572/mo
+$759/mo- Down payment
- $35,000
- Funds due
- $43,808
- Interest + MI left
- $460,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,830 | $314,999 |
| Second mortgage | — | — |
| First P&I | $1,437.57 | $2,133.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $375.00 | $375.00 |
| Total housing payment | $1,812.57 | $2,571.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,169
Closing costs & prepaids$11,148
Usable credit−$0
Total buyer cash needed$53,317
Earnest money paid−$0
Remaining funds due$53,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,539.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$215.57
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 closing24 yr 11 moOf the original 30-year loan at 2.84%
Interest already paid$47,462Through Dec 2026
Assumption only · ends Nov 2051$122,004
New conventional · ends Jan 2057$460,581