Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $40,108
- Funds due
- $51,768
- Interest + MI left
- $136,943
- First ends
- Oct 2051
New loan
New conventional
$2,767/mo
+$782/mo- Down payment
- $37,900
- Funds due
- $47,055
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $338,892 | $341,100 |
| Second mortgage | — | — |
| First P&I | $1,596.76 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.22 |
| Taxes, insurance & HOA | $388.41 | $388.41 |
| Total housing payment | $1,985.18 | $2,767.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,108
Closing costs & prepaids$11,660
Usable credit−$0
Total buyer cash needed$51,768
Earnest money paid−$0
Remaining funds due$51,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,694.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$454.75
Initial HOA (3 months)$260.49
Prepaid interest, first (9 days)$242.33
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 2.9%
Interest already paid$54,266Through Dec 2026
Assumption only · ends Oct 2051$136,943
New conventional · ends Jan 2057$498,745