Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $21,211
- Funds due
- $31,051
- Interest + MI left
- $98,701
- First ends
- Sep 2051
New loan
New conventional
$2,086/mo
+$534/mo- Down payment
- $26,000
- Funds due
- $33,621
- Interest + MI left
- $354,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $238,789 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,132.51 | $1,620.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $419.50 | $419.50 |
| Total housing payment | $1,552.01 | $2,086.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,211
Closing costs & prepaids$9,840
Usable credit−$0
Total buyer cash needed$31,051
Earnest money paid−$0
Remaining funds due$31,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.94
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$733.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$19.36
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 closing24 yr 10 moOf the original 30-year loan at 2.960%
Interest already paid$39,005Through Nov 2026
Assumption only · ends Sep 2051$98,701
New conventional · ends Dec 2056$354,877