Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,055/mo
Lowest payment- Down payment
- $2,998
- Funds due
- $14,246
- Interest + MI left
- $153,748
- First ends
- Jan 2052
New loan
New conventional
$2,656/mo
+$601/mo- Down payment
- $35,500
- Funds due
- $43,876
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,002 | $319,500 |
| Second mortgage | — | — |
| First P&I | $1,674.67 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.90 |
| Taxes, insurance & HOA | $380.25 | $380.25 |
| Total housing payment | $2,054.92 | $2,656.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,998
Closing costs & prepaids$11,248
Usable credit−$0
Total buyer cash needed$14,246
Earnest money paid−$0
Remaining funds due$14,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,760.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.75
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$29.61
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$55,453Through Nov 2026
Assumption only · ends Jan 2052$153,748
New conventional · ends Dec 2056$484,543