Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,252/mo
Lowest payment- Down payment
- $15,174
- Funds due
- $25,733
- Interest + MI left
- $373,246
- First ends
- Dec 2055
New loan
New conventional
$2,407/mo
+$155/mo- Down payment
- $33,300
- Funds due
- $41,150
- Interest + MI left
- $454,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,826 | $299,700 |
| Second mortgage | — | — |
| First P&I | $1,980.15 | $2,075.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.94 |
| Taxes, insurance & HOA | $272.25 | $272.25 |
| Total housing payment | $2,252.40 | $2,407.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,174
Closing costs & prepaids$10,558
Usable credit−$0
Total buyer cash needed$25,733
Earnest money paid−$0
Remaining funds due$25,733
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,330.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,589.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$366.75
Prepaid interest, first (1 days)$54.51
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 yr 1 moOf the original 30-year loan at 6.260%
Interest already paid$18,346Through Nov 2026
Assumption only · ends Dec 2055$373,246
New conventional · ends Dec 2056$454,515