Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,902/mo
Lowest payment- Down payment
- $22,131
- Funds due
- $34,195
- Interest + MI left
- $488,189
- First ends
- Nov 2055
New loan
New conventional
$3,031/mo
+$129/mo- Down payment
- $41,500
- Funds due
- $50,396
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,869 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,531.78 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $370.17 | $370.17 |
| Total housing payment | $2,901.94 | $3,030.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,131
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$34,195
Earnest money paid−$0
Remaining funds due$34,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,964.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$660.50
Prepaid interest, first (1 days)$70.82
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 closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$26,008Through Nov 2026
Assumption only · ends Nov 2055$488,189
New conventional · ends Dec 2056$566,438