Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
Lowest payment- Down payment
- $26,853
- Funds due
- $38,020
- Interest + MI left
- $138,408
- First ends
- Jan 2052
New loan
New conventional
$2,538/mo
+$648/mo- Down payment
- $34,490
- Funds due
- $43,238
- Interest + MI left
- $453,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,047 | $310,410 |
| Second mortgage | — | — |
| First P&I | $1,516.46 | $2,102.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.08 |
| Taxes, insurance & HOA | $373.00 | $373.00 |
| Total housing payment | $1,889.46 | $2,537.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,853
Closing costs & prepaids$11,167
Usable credit−$0
Total buyer cash needed$38,020
Earnest money paid−$0
Remaining funds due$38,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,590.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$414.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$240.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 3.07%
Interest already paid$51,030Through Dec 2026
Assumption only · ends Jan 2052$138,408
New conventional · ends Jan 2057$453,871