Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,586/mo
Lowest payment- Down payment
- $39,914
- Funds due
- $51,139
- Interest + MI left
- $283,961
- First ends
- Oct 2049
New loan
New conventional
$2,720/mo
+$134/mo- Down payment
- $36,800
- Funds due
- $45,235
- Interest + MI left
- $502,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,086 | $331,200 |
| Second mortgage | — | — |
| First P&I | $2,225.62 | $2,293.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.24 |
| Taxes, insurance & HOA | $360.42 | $360.42 |
| Total housing payment | $2,586.04 | $2,719.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,914
Closing costs & prepaids$11,225
Usable credit−$0
Total buyer cash needed$51,139
Earnest money paid−$0
Remaining funds due$51,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,640.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$55.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing22 yr 11 moOf the original 25-year loan at 6.140%
Interest already paid$42,837Through Nov 2026
Assumption only · ends Oct 2049$283,961
New conventional · ends Dec 2056$502,287