Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,187/mo
Lowest payment- Down payment
- $28,091
- Funds due
- $40,290
- Interest + MI left
- $150,285
- First ends
- Oct 2051
New loan
New conventional
$2,946/mo
+$758/mo- Down payment
- $40,000
- Funds due
- $49,517
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,909 | $360,000 |
| Second mortgage | — | — |
| First P&I | $1,752.33 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $435.00 | $435.00 |
| Total housing payment | $2,187.33 | $2,945.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,091
Closing costs & prepaids$12,198
Usable credit−$0
Total buyer cash needed$40,290
Earnest money paid−$0
Remaining funds due$40,290
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,859.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$265.94
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 10 moOf the original 30-year loan at 2.9%
Interest already paid$59,553Through Dec 2026
Assumption only · ends Oct 2051$150,285
New conventional · ends Jan 2057$526,380