Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $5,959
- Funds due
- $17,460
- Interest + MI left
- $156,318
- First ends
- Feb 2052
New loan
New conventional
$2,624/mo
+$570/mo- Down payment
- $36,000
- Funds due
- $44,881
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,041 | $324,000 |
| Second mortgage | — | — |
| First P&I | $1,689.93 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $364.00 | $364.00 |
| Total housing payment | $2,053.93 | $2,623.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,959
Closing costs & prepaids$11,501
Usable credit−$0
Total buyer cash needed$17,460
Earnest money paid−$0
Remaining funds due$17,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,770.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$432.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$270.62
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$56,304Through Dec 2026
Assumption only · ends Feb 2052$156,318
New conventional · ends Jan 2057$473,742