Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $36,095
- Funds due
- $46,348
- Interest + MI left
- $352,663
- First ends
- Nov 2055
New loan
New conventional
$2,323/mo
+$222/mo- Down payment
- $31,990
- Funds due
- $39,718
- Interest + MI left
- $436,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,805 | $287,910 |
| Second mortgage | — | — |
| First P&I | $1,828.93 | $1,993.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.58 |
| Taxes, insurance & HOA | $271.75 | $271.75 |
| Total housing payment | $2,100.68 | $2,322.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,095
Closing costs & prepaids$10,252
Usable credit−$0
Total buyer cash needed$46,348
Earnest money paid−$0
Remaining funds due$46,348
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,419.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$365.25
Prepaid interest, first (1 days)$51.16
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 yrOf the original 30-year loan at 6.580%
Interest already paid$18,788Through Nov 2026
Assumption only · ends Nov 2055$352,663
New conventional · ends Dec 2056$436,635