Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,979/mo
Lowest payment- Down payment
- $18,451
- Funds due
- $28,364
- Interest + MI left
- $359,267
- First ends
- Jan 2057
New loan
New conventional
$2,165/mo
+$186/mo- Down payment
- $30,900
- Funds due
- $38,265
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,549 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,795.07 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.62 |
| Taxes, insurance & HOA | $184.25 | $184.25 |
| Total housing payment | $1,979.32 | $2,165.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,451
Closing costs & prepaids$9,914
Usable credit−$0
Total buyer cash needed$28,364
Earnest money paid−$0
Remaining funds due$28,364
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,452.75
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$102.75
Prepaid interest, first (1 days)$50.15
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 closing30 yr 2 moOf the original 31-year loan at 6.300%
Interest already paid$15,330Through Nov 2026
Assumption only · ends Jan 2057$359,267
New conventional · ends Dec 2056$421,757