Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $18,635
- Funds due
- $28,675
- Interest + MI left
- $184,691
- First ends
- Jun 2052
New loan
New conventional
$2,134/mo
+$279/mo- Down payment
- $26,000
- Funds due
- $33,810
- Interest + MI left
- $354,875
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $241,364 | $233,999 |
| Second mortgage | — | — |
| First P&I | $1,387.80 | $1,620.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $466.58 | $466.58 |
| Total housing payment | $1,854.39 | $2,133.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,635
Closing costs & prepaids$10,040
Usable credit−$0
Total buyer cash needed$28,675
Earnest money paid−$0
Remaining funds due$28,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,206.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$346.75
Initial HOA (3 months)$603.00
Prepaid interest, first (2 days)$65.47
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 closing25 yr 7 moOf the original 30-year loan at 4.950%
Interest already paid$54,918Through Nov 2026
Assumption only · ends Jun 2052$184,691
New conventional · ends Dec 2056$354,875