Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $26,626
- Funds due
- $34,720
- Interest + MI left
- $22,589
- First ends
- Nov 2046
New loan
New conventional
$1,269/mo
+$208/mo- Down payment
- $8,500
- Funds due
- $15,444
- Interest + MI left
- $116,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $58,374 | $76,500 |
| Second mortgage | — | — |
| First P&I | $337.35 | $529.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $15.30 |
| Taxes, insurance & HOA | $724.25 | $724.25 |
| Total housing payment | $1,061.60 | $1,269.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,626
Closing costs & prepaids$8,094
Usable credit−$0
Total buyer cash needed$34,720
Earnest money paid−$0
Remaining funds due$34,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$291.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.75
Initial HOA (3 months)$1,398.00
Prepaid interest, first (2 days)$11.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing20 yrOf the original 30-year loan at 3.460%
Interest already paid$23,355Through Nov 2026
Assumption only · ends Nov 2046$22,589
New conventional · ends Dec 2056$116,017