Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,939/mo
Lowest payment- Down payment
- $48,528
- Funds due
- $63,732
- Interest + MI left
- $200,276
- First ends
- Nov 2051
New loan
New conventional
$4,103/mo
+$1,164/mo- Down payment
- $57,000
- Funds due
- $68,787
- Interest + MI left
- $750,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $521,472 | $513,000 |
| Second mortgage | — | — |
| First P&I | $2,413.87 | $3,475.24 |
| Second P&I | — | — |
| Mortgage insurance | — | $102.60 |
| Taxes, insurance & HOA | $524.67 | $524.67 |
| Total housing payment | $2,938.54 | $4,102.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,528
Closing costs & prepaids$15,204
Usable credit−$0
Total buyer cash needed$63,732
Earnest money paid−$0
Remaining funds due$63,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,607.36
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$684.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$354.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.76%
Interest already paid$78,199Through Dec 2026
Assumption only · ends Nov 2051$200,276
New conventional · ends Jan 2057$750,091