Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,113/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,044
- Interest + MI left
- $162,552
- First ends
- Jul 2051
New loan
New conventional
$2,527/mo
+$414/mo- Down payment
- $35,000
- Funds due
- $43,037
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $379,145 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,830.05 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $282.67 | $282.67 |
| Total housing payment | $2,112.72 | $2,526.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,044
Usable credit−$0
Total buyer cash needed$11,044
Earnest money paid−$0
Remaining funds due$11,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,895.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$398.00
Prepaid interest, first (1 days)$31.99
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$66,608Through Nov 2026
Assumption only · ends Jul 2051$162,552
New conventional · ends Dec 2056$477,719