Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,674/mo
Lowest payment- Down payment
- $22,215
- Funds due
- $32,675
- Interest + MI left
- $110,970
- First ends
- Oct 2051
New loan
New conventional
$2,252/mo
+$579/mo- Down payment
- $30,000
- Funds due
- $38,260
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,785 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,304.55 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $369.00 | $369.00 |
| Total housing payment | $1,673.55 | $2,252.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,215
Closing costs & prepaids$10,461
Usable credit−$0
Total buyer cash needed$32,675
Earnest money paid−$0
Remaining funds due$32,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,388.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$196.58
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$44,034Through Dec 2026
Assumption only · ends Oct 2051$110,970
New conventional · ends Jan 2057$394,785