Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,812/mo
Lowest payment- Down payment
- $32,244
- Funds due
- $43,003
- Interest + MI left
- $130,996
- First ends
- Jan 2052
New loan
New conventional
$2,508/mo
+$696/mo- Down payment
- $33,000
- Funds due
- $41,182
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,756 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,419.71 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $392.25 | $392.25 |
| Total housing payment | $1,811.96 | $2,508.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,244
Closing costs & prepaids$10,759
Usable credit−$0
Total buyer cash needed$43,003
Earnest money paid−$0
Remaining funds due$43,003
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.75
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$25.21
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 3.090%
Interest already paid$47,204Through Nov 2026
Assumption only · ends Jan 2052$130,996
New conventional · ends Dec 2056$450,420