Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,612/mo
Lowest payment- Down payment
- $15,750
- Funds due
- $25,748
- Interest + MI left
- $76,715
- First ends
- Jun 2051
New loan
New conventional
$1,979/mo
+$368/mo- Down payment
- $20,000
- Funds due
- $28,266
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $184,250 | $180,000 |
| Second mortgage | — | — |
| First P&I | $887.64 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $724.00 | $724.00 |
| Total housing payment | $1,611.64 | $1,979.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,750
Closing costs & prepaids$9,998
Usable credit−$0
Total buyer cash needed$25,748
Earnest money paid−$0
Remaining funds due$25,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$921.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$240.00
Initial HOA (3 months)$1,482.00
Prepaid interest, first (9 days)$137.20
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 6 moOf the original 30-year loan at 3.02%
Interest already paid$32,834Through Dec 2026
Assumption only · ends Jun 2051$76,715
New conventional · ends Jan 2057$263,190