Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,003/mo
Lowest payment- Down payment
- $32,265
- Funds due
- $43,650
- Interest + MI left
- $154,068
- First ends
- Jan 2052
New loan
New conventional
$2,793/mo
+$790/mo- Down payment
- $38,500
- Funds due
- $46,985
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,735 | $346,500 |
| Second mortgage | — | — |
| First P&I | $1,678.16 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $324.83 | $324.83 |
| Total housing payment | $2,002.99 | $2,793.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,265
Closing costs & prepaids$11,386
Usable credit−$0
Total buyer cash needed$43,650
Earnest money paid−$0
Remaining funds due$43,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,763.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$265.50
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$29.67
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 closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$55,569Through Nov 2026
Assumption only · ends Jan 2052$154,068
New conventional · ends Dec 2056$525,491