Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,012/mo
Lowest payment- Down payment
- $39,589
- Funds due
- $49,603
- Interest + MI left
- $329,196
- First ends
- Nov 2054
New loan
New conventional
$2,250/mo
+$237/mo- Down payment
- $32,000
- Funds due
- $39,508
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $280,411 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,814.31 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $198.08 | $198.08 |
| Total housing payment | $2,012.39 | $2,249.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,589
Closing costs & prepaids$10,014
Usable credit−$0
Total buyer cash needed$49,603
Earnest money paid−$0
Remaining funds due$49,603
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,402.06
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$144.25
Prepaid interest, first (1 days)$49.94
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$36,912Through Nov 2026
Assumption only · ends Nov 2054$329,196
New conventional · ends Dec 2056$436,771