Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $27,240
- Funds due
- $39,129
- Interest + MI left
- $151,186
- First ends
- Oct 2051
New loan
New conventional
$2,974/mo
+$812/mo- Down payment
- $40,000
- Funds due
- $48,875
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,760 | $360,000 |
| Second mortgage | — | — |
| First P&I | $1,752.33 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $409.17 | $409.17 |
| Total housing payment | $2,161.49 | $2,973.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,240
Closing costs & prepaids$11,889
Usable credit−$0
Total buyer cash needed$39,129
Earnest money paid−$0
Remaining funds due$39,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,863.80
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$402.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$29.62
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$58,652Through Nov 2026
Assumption only · ends Oct 2051$151,186
New conventional · ends Dec 2056$545,964