Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $46,690
- Funds due
- $59,429
- Interest + MI left
- $161,681
- First ends
- Dec 2051
New loan
New conventional
$3,215/mo
+$941/mo- Down payment
- $45,000
- Funds due
- $54,912
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,310 | $405,000 |
| Second mortgage | — | — |
| First P&I | $1,883.30 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $390.00 | $390.00 |
| Total housing payment | $2,273.30 | $3,214.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,690
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$59,429
Earnest money paid−$0
Remaining funds due$59,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,016.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$284.42
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 yrOf the original 30-year loan at 2.86%
Interest already paid$61,504Through Dec 2026
Assumption only · ends Dec 2051$161,681
New conventional · ends Jan 2057$592,177