Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $21,755
- Funds due
- $31,325
- Interest + MI left
- $98,112
- First ends
- Sep 2051
New loan
New conventional
$1,911/mo
+$499/mo- Down payment
- $26,000
- Funds due
- $33,566
- Interest + MI left
- $342,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $238,245 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,132.51 | $1,585.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $279.00 | $279.00 |
| Total housing payment | $1,411.51 | $1,911.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,755
Closing costs & prepaids$9,570
Usable credit−$0
Total buyer cash needed$31,325
Earnest money paid−$0
Remaining funds due$31,325
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%)$1,191.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$312.00
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$173.89
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 closing24 yr 9 moOf the original 30-year loan at 2.96%
Interest already paid$39,594Through Dec 2026
Assumption only · ends Sep 2051$98,112
New conventional · ends Jan 2057$342,147