Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$18,498/mo
Lowest payment- Down payment
- $149,825
- Funds due
- $201,674
- Interest + MI left
- $2,997,820
- First ends
- Jan 2055
New loan
New conventional
$19,046/mo
+$548/mo- Down payment
- $259,900
- Funds due
- $296,162
- Interest + MI left
- $3,547,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $2,449,175 | $2,339,100 |
| Second mortgage | — | — |
| First P&I | $16,115.37 | $16,195.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $467.82 |
| Taxes, insurance & HOA | $2,382.50 | $2,382.50 |
| Total housing payment | $18,497.87 | $19,045.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,825
Closing costs & prepaids$51,849
Usable credit−$0
Total buyer cash needed$201,674
Earnest money paid−$0
Remaining funds due$201,674
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$25,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$12,245.88
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$6,497.50
Prepaid interest, first (2 days)$897.81
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 closing28 yr 2 moOf the original 30-year loan at 6.690%
Interest already paid$303,713Through Nov 2026
Assumption only · ends Jan 2055$2,997,820
New conventional · ends Dec 2056$3,547,403