Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,829/mo
Lowest payment- Down payment
- $37,215
- Funds due
- $48,005
- Interest + MI left
- $97,567
- First ends
- Oct 2051
New loan
New conventional
$2,357/mo
+$528/mo- Down payment
- $25,000
- Funds due
- $33,809
- Interest + MI left
- $328,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $212,785 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,041.45 | $1,524.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.00 |
| Taxes, insurance & HOA | $787.50 | $787.50 |
| Total housing payment | $1,828.95 | $2,356.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,215
Closing costs & prepaids$10,789
Usable credit−$0
Total buyer cash needed$48,005
Earnest money paid−$0
Remaining funds due$48,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,063.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$637.50
Initial HOA (3 months)$1,275.00
Prepaid interest, first (5 days)$94.73
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 10 moOf the original 30-year loan at 3.25%
Interest already paid$38,054Through Dec 2026
Assumption only · ends Oct 2051$97,567
New conventional · ends Jan 2057$328,987