Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,952/mo
Lowest payment- Down payment
- $5,351
- Funds due
- $16,276
- Interest + MI left
- $133,275
- First ends
- Mar 2052
New loan
New conventional
$2,483/mo
+$531/mo- Down payment
- $30,500
- Funds due
- $38,859
- Interest + MI left
- $416,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,649 | $274,500 |
| Second mortgage | — | — |
| First P&I | $1,424.09 | $1,900.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.90 |
| Taxes, insurance & HOA | $527.92 | $527.92 |
| Total housing payment | $1,952.01 | $2,483.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,351
Closing costs & prepaids$10,925
Usable credit−$0
Total buyer cash needed$16,276
Earnest money paid−$0
Remaining funds due$16,276
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,498.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$371.75
Initial HOA (3 months)$762.00
Prepaid interest, first (1 days)$25.45
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$45,900Through Nov 2026
Assumption only · ends Mar 2052$133,275
New conventional · ends Dec 2056$416,298