Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,924/mo
Lowest payment- Down payment
- $41,462
- Funds due
- $52,756
- Interest + MI left
- $122,734
- First ends
- Nov 2051
New loan
New conventional
$2,730/mo
+$806/mo- Down payment
- $35,000
- Funds due
- $43,648
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,537 | $314,999 |
| Second mortgage | — | — |
| First P&I | $1,437.57 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $486.50 | $486.50 |
| Total housing payment | $1,924.07 | $2,730.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,462
Closing costs & prepaids$11,294
Usable credit−$0
Total buyer cash needed$52,756
Earnest money paid−$0
Remaining funds due$52,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$754.50
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$24.01
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 yrOf the original 30-year loan at 2.840%
Interest already paid$46,731Through Nov 2026
Assumption only · ends Nov 2051$122,734
New conventional · ends Dec 2056$477,717