Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,067/mo
Lowest payment- Down payment
- $43,040
- Funds due
- $55,058
- Interest + MI left
- $137,676
- First ends
- Oct 2051
New loan
New conventional
$2,918/mo
+$851/mo- Down payment
- $39,999
- Funds due
- $49,432
- Interest + MI left
- $526,366
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,950 | $359,991 |
| Second mortgage | — | — |
| First P&I | $1,659.82 | $2,438.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $407.00 | $407.00 |
| Total housing payment | $2,066.82 | $2,917.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,040
Closing costs & prepaids$12,018
Usable credit−$0
Total buyer cash needed$55,058
Earnest money paid−$0
Remaining funds due$55,058
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,784.75
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$244.68
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 2.78%
Interest already paid$54,859Through Dec 2026
Assumption only · ends Oct 2051$137,676
New conventional · ends Jan 2057$526,366