Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
Lowest payment- Down payment
- $32,035
- Funds due
- $41,930
- Interest + MI left
- $107,168
- First ends
- Dec 2051
New loan
New conventional
$2,171/mo
+$660/mo- Down payment
- $29,433
- Funds due
- $36,962
- Interest + MI left
- $401,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $262,298 | $264,900 |
| Second mortgage | — | — |
| First P&I | $1,227.46 | $1,834.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.98 |
| Taxes, insurance & HOA | $283.83 | $283.83 |
| Total housing payment | $1,511.30 | $2,170.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,035
Closing costs & prepaids$9,895
Usable credit−$0
Total buyer cash needed$41,930
Earnest money paid−$0
Remaining funds due$41,930
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,943.33
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,311.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$401.50
Prepaid interest, first (1 days)$20.84
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$39,818Through Nov 2026
Assumption only · ends Dec 2051$107,168
New conventional · ends Dec 2056$401,739