Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $31,006
- Funds due
- $43,065
- Interest + MI left
- $155,332
- First ends
- Dec 2051
New loan
New conventional
$2,902/mo
+$763/mo- Down payment
- $39,990
- Funds due
- $49,377
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $368,894 | $359,910 |
| Second mortgage | — | — |
| First P&I | $1,747.42 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $392.00 | $392.00 |
| Total housing payment | $2,139.42 | $2,902.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,006
Closing costs & prepaids$12,059
Usable credit−$0
Total buyer cash needed$43,065
Earnest money paid−$0
Remaining funds due$43,065
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.47
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)$246.00
Prepaid interest, first (9 days)$271.97
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 yrOf the original 30-year loan at 2.99%
Interest already paid$58,739Through Dec 2026
Assumption only · ends Dec 2051$155,332
New conventional · ends Jan 2057$526,248