Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,042/mo
Lowest payment- Down payment
- $26,561
- Funds due
- $34,822
- Interest + MI left
- $37,926
- First ends
- Aug 2051
New loan
New conventional
$1,348/mo
+$307/mo- Down payment
- $11,900
- Funds due
- $18,855
- Interest + MI left
- $156,598
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $92,439 | $107,100 |
| Second mortgage | — | — |
| First P&I | $440.42 | $725.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.42 |
| Taxes, insurance & HOA | $601.17 | $601.17 |
| Total housing payment | $1,041.59 | $1,348.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,561
Closing costs & prepaids$8,261
Usable credit−$0
Total buyer cash needed$34,822
Earnest money paid−$0
Remaining funds due$34,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$462.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$303.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (5 days)$37.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 2.96%
Interest already paid$15,626Through Dec 2026
Assumption only · ends Aug 2051$37,926
New conventional · ends Jan 2057$156,598