Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,646/mo
Lowest payment- Down payment
- $35,293
- Funds due
- $45,553
- Interest + MI left
- $93,880
- First ends
- Sep 2051
New loan
New conventional
$2,244/mo
+$598/mo- Down payment
- $25,990
- Funds due
- $34,131
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,607 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,068.75 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.78 |
| Taxes, insurance & HOA | $577.42 | $577.42 |
| Total housing payment | $1,646.16 | $2,243.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,293
Closing costs & prepaids$10,259
Usable credit−$0
Total buyer cash needed$45,553
Earnest money paid−$0
Remaining funds due$45,553
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,123.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$235.25
Initial HOA (3 months)$1,047.00
Prepaid interest, first (2 days)$36.80
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 10 moOf the original 30-year loan at 2.990%
Interest already paid$37,049Through Nov 2026
Assumption only · ends Sep 2051$93,880
New conventional · ends Dec 2056$354,740