Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,645/mo
Lowest payment- Down payment
- $33,771
- Funds due
- $44,120
- Interest + MI left
- $112,195
- First ends
- Jan 2052
New loan
New conventional
$2,347/mo
+$701/mo- Down payment
- $31,000
- Funds due
- $38,899
- Interest + MI left
- $423,121
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,228 | $278,999 |
| Second mortgage | — | — |
| First P&I | $1,286.17 | $1,931.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $359.09 | $359.09 |
| Total housing payment | $1,645.25 | $2,346.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,771
Closing costs & prepaids$10,348
Usable credit−$0
Total buyer cash needed$44,120
Earnest money paid−$0
Remaining funds due$44,120
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,381.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$370.25
Initial HOA (3 months)$257.01
Prepaid interest, first (1 days)$21.76
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 2.875%
Interest already paid$40,825Through Nov 2026
Assumption only · ends Jan 2052$112,195
New conventional · ends Dec 2056$423,121