Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,275/mo
Lowest payment- Down payment
- $27,694
- Funds due
- $38,611
- Interest + MI left
- $242,357
- First ends
- Apr 2051
New loan
New conventional
$2,531/mo
+$256/mo- Down payment
- $32,987
- Funds due
- $41,301
- Interest + MI left
- $450,243
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,176 | $296,883 |
| Second mortgage | — | — |
| First P&I | $1,858.47 | $2,055.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $416.50 | $416.50 |
| Total housing payment | $2,274.97 | $2,531.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,694
Closing costs & prepaids$10,916
Usable credit−$0
Total buyer cash needed$38,611
Earnest money paid−$0
Remaining funds due$38,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,298.70
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$459.50
Initial HOA (3 months)$339.99
Prepaid interest, first (2 days)$89.41
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 closing24 yr 5 moOf the original 27-year loan at 5.400%
Interest already paid$43,214Through Nov 2026
Assumption only · ends Apr 2051$242,357
New conventional · ends Dec 2056$450,243