Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,641/mo
Lowest payment- Down payment
- $14,297
- Funds due
- $24,602
- Interest + MI left
- $111,533
- First ends
- Jan 2052
New loan
New conventional
$2,175/mo
+$534/mo- Down payment
- $28,990
- Funds due
- $37,101
- Interest + MI left
- $381,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,603 | $260,910 |
| Second mortgage | — | — |
| First P&I | $1,286.17 | $1,767.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.18 |
| Taxes, insurance & HOA | $355.00 | $355.00 |
| Total housing payment | $1,641.17 | $2,174.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,297
Closing costs & prepaids$10,305
Usable credit−$0
Total buyer cash needed$24,602
Earnest money paid−$0
Remaining funds due$24,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,378.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$348.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$195.38
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 yr 1 moOf the original 30-year loan at 2.875%
Interest already paid$41,487Through Dec 2026
Assumption only · ends Jan 2052$111,533
New conventional · ends Jan 2057$381,494