Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,681/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,497
- Interest + MI left
- $185,783
- First ends
- Oct 2051
New loan
New conventional
$2,978/mo
+$296/mo- Down payment
- $37,500
- Funds due
- $46,639
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,487 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,107.93 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $573.50 | $573.50 |
| Total housing payment | $2,681.43 | $2,977.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,497
Usable credit−$0
Total buyer cash needed$12,497
Earnest money paid−$0
Remaining funds due$12,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,222.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,270.50
Prepaid interest, first (1 days)$36.29
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 11 moOf the original 30-year loan at 2.980%
Interest already paid$71,811Through Nov 2026
Assumption only · ends Oct 2051$185,783
New conventional · ends Dec 2056$511,841