Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $19,027
- Funds due
- $29,259
- Interest + MI left
- $183,695
- First ends
- Jun 2052
New loan
New conventional
$2,087/mo
+$244/mo- Down payment
- $26,000
- Funds due
- $34,094
- Interest + MI left
- $342,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $240,972 | $233,999 |
| Second mortgage | — | — |
| First P&I | $1,387.80 | $1,585.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $455.00 | $455.00 |
| Total housing payment | $1,842.80 | $2,086.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,027
Closing costs & prepaids$10,232
Usable credit−$0
Total buyer cash needed$29,259
Earnest money paid−$0
Remaining funds due$29,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$312.00
Initial HOA (3 months)$603.00
Prepaid interest, first (9 days)$294.12
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 closing25 yr 6 moOf the original 30-year loan at 4.95%
Interest already paid$55,913Through Dec 2026
Assumption only · ends Jun 2052$183,695
New conventional · ends Jan 2057$342,145