Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $17,635
- Funds due
- $28,350
- Interest + MI left
- $116,280
- First ends
- Aug 2051
New loan
New conventional
$2,427/mo
+$581/mo- Down payment
- $30,000
- Funds due
- $38,241
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,365 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,342.24 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $503.83 | $503.83 |
| Total housing payment | $1,846.07 | $2,427.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,635
Closing costs & prepaids$10,714
Usable credit−$0
Total buyer cash needed$28,350
Earnest money paid−$0
Remaining funds due$28,350
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,411.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$551.50
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$22.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 2.960%
Interest already paid$46,926Through Nov 2026
Assumption only · ends Aug 2051$116,280
New conventional · ends Dec 2056$409,473