Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,156/mo
Lowest payment- Down payment
- $12,026
- Funds due
- $23,507
- Interest + MI left
- $165,192
- First ends
- Jul 2051
New loan
New conventional
$2,776/mo
+$620/mo- Down payment
- $37,500
- Funds due
- $46,035
- 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 | $362,974 | $337,500 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $372.08 | $372.08 |
| Total housing payment | $2,156.43 | $2,776.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,026
Closing costs & prepaids$11,481
Usable credit−$0
Total buyer cash needed$23,507
Earnest money paid−$0
Remaining funds due$23,507
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%)$1,814.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$666.25
Prepaid interest, first (1 days)$32.32
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
New conventional · ends Dec 2056$511,841