Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $2,861
- Funds due
- $13,092
- Interest + MI left
- $342,996
- First ends
- Nov 2055
New loan
New conventional
$2,188/mo
+$13/mo- Down payment
- $27,990
- Funds due
- $35,765
- Interest + MI left
- $382,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,039 | $251,910 |
| Second mortgage | — | — |
| First P&I | $1,781.71 | $1,744.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.38 |
| Taxes, insurance & HOA | $393.08 | $393.08 |
| Total housing payment | $2,174.80 | $2,187.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,861
Closing costs & prepaids$10,231
Usable credit−$0
Total buyer cash needed$13,092
Earnest money paid−$0
Remaining funds due$13,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,385.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$729.25
Prepaid interest, first (2 days)$99.58
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 closing29 yrOf the original 30-year loan at 6.560%
Interest already paid$18,285Through Nov 2026
Assumption only · ends Nov 2055$342,996
New conventional · ends Dec 2056$382,038