Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $2,410
- Funds due
- $12,210
- Interest + MI left
- $321,622
- First ends
- Jul 2056
New loan
New conventional
$2,033/mo
+$40/mo- Down payment
- $25,990
- Funds due
- $33,451
- Interest + MI left
- $354,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,490 | $233,910 |
| Second mortgage | — | — |
| First P&I | $1,626.72 | $1,619.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.78 |
| Taxes, insurance & HOA | $366.58 | $366.58 |
| Total housing payment | $1,993.30 | $2,032.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,410
Closing costs & prepaids$9,800
Usable credit−$0
Total buyer cash needed$12,210
Earnest money paid−$0
Remaining funds due$12,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,287.45
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$649.75
Prepaid interest, first (1 days)$45.57
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 closing29 yr 8 moOf the original 30-year loan at 6.460%
Interest already paid$5,557Through Nov 2026
Assumption only · ends Jul 2056$321,622
New conventional · ends Dec 2056$354,740