Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,421/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,427
- Interest + MI left
- $156,243
- First ends
- May 2051
New loan
New conventional
$2,459/mo
+$38/mo- Down payment
- $29,700
- Funds due
- $38,121
- Interest + MI left
- $405,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,447 | $267,300 |
| Second mortgage | — | — |
| First P&I | $1,866.29 | $1,850.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.46 |
| Taxes, insurance & HOA | $554.75 | $554.75 |
| Total housing payment | $2,421.04 | $2,458.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,427
Usable credit−$0
Total buyer cash needed$11,427
Earnest money paid−$0
Remaining funds due$11,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,962.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,214.25
Prepaid interest, first (2 days)$62.36
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 closing24 yr 6 moOf the original 30-year loan at 2.900%
Interest already paid$67,242Through Nov 2026
Assumption only · ends May 2051$156,243
New conventional · ends Dec 2056$405,378