Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$996/mo
Lowest payment- Down payment
- $25,321
- Funds due
- $33,499
- Interest + MI left
- $61,155
- First ends
- Dec 2051
New loan
New conventional
$1,418/mo
+$422/mo- Down payment
- $17,500
- Funds due
- $24,001
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $149,679 | $157,500 |
| Second mortgage | — | — |
| First P&I | $700.44 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $295.83 | $295.83 |
| Total housing payment | $996.28 | $1,417.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,321
Closing costs & prepaids$8,178
Usable credit−$0
Total buyer cash needed$33,499
Earnest money paid−$0
Remaining funds due$33,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$748.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$437.50
Prepaid interest, first (2 days)$23.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$22,722Through Nov 2026
Assumption only · ends Dec 2051$61,155
New conventional · ends Dec 2056$238,859