Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,406/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,902
- Interest + MI left
- $396,102
- First ends
- Mar 2056
New loan
New conventional
$2,512/mo
+$106/mo- Down payment
- $34,490
- Funds due
- $42,534
- Interest + MI left
- $470,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,053 | $310,410 |
| Second mortgage | — | — |
| First P&I | $2,105.56 | $2,149.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.08 |
| Taxes, insurance & HOA | $300.58 | $300.58 |
| Total housing payment | $2,406.14 | $2,511.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,902
Usable credit−$0
Total buyer cash needed$10,902
Earnest money paid−$0
Remaining funds due$10,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,725.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$451.75
Prepaid interest, first (1 days)$57.57
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 4 moOf the original 30-year loan at 6.090%
Interest already paid$14,073Through Nov 2026
Assumption only · ends Mar 2056$396,102
New conventional · ends Dec 2056$470,758