Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,806/mo
Lowest payment- Down payment
- $11,656
- Funds due
- $25,559
- Interest + MI left
- $188,674
- First ends
- Aug 2051
New loan
New conventional
$3,656/mo
+$850/mo- Down payment
- $47,500
- Funds due
- $57,868
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $463,344 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,195.35 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $610.42 | $610.42 |
| Total housing payment | $2,805.76 | $3,655.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,656
Closing costs & prepaids$13,903
Usable credit−$0
Total buyer cash needed$25,559
Earnest money paid−$0
Remaining funds due$25,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,316.72
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,331.25
Prepaid interest, first (1 days)$37.19
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 9 moOf the original 30-year loan at 2.930%
Interest already paid$76,245Through Nov 2026
Assumption only · ends Aug 2051$188,674
New conventional · ends Dec 2056$648,333