Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$963/mo
Lowest payment- Down payment
- $30,170
- Funds due
- $38,257
- Interest + MI left
- $64,475
- First ends
- Sep 2051
New loan
New conventional
$1,414/mo
+$450/mo- Down payment
- $18,500
- Funds due
- $24,856
- Interest + MI left
- $252,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $154,829 | $166,499 |
| Second mortgage | — | — |
| First P&I | $735.92 | $1,152.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $33.30 |
| Taxes, insurance & HOA | $227.50 | $227.50 |
| Total housing payment | $963.42 | $1,413.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,170
Closing costs & prepaids$8,087
Usable credit−$0
Total buyer cash needed$38,257
Earnest money paid−$0
Remaining funds due$38,257
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,849.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$774.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$232.50
Prepaid interest, first (1 days)$12.64
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 closing24 yr 10 moOf the original 30-year loan at 2.980%
Interest already paid$25,456Through Nov 2026
Assumption only · ends Sep 2051$64,475
New conventional · ends Dec 2056$252,507