Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,186/mo
Lowest payment- Down payment
- $15,789
- Funds due
- $26,085
- Interest + MI left
- $330,066
- First ends
- Jan 2055
New loan
New conventional
$2,237/mo
+$51/mo- Down payment
- $28,400
- Funds due
- $36,283
- Interest + MI left
- $387,635
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $268,211 | $255,600 |
| Second mortgage | — | — |
| First P&I | $1,770.05 | $1,769.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $51.12 |
| Taxes, insurance & HOA | $416.00 | $416.00 |
| Total housing payment | $2,186.05 | $2,236.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,789
Closing costs & prepaids$10,296
Usable credit−$0
Total buyer cash needed$26,085
Earnest money paid−$0
Remaining funds due$26,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,840.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,341.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$798.00
Prepaid interest, first (2 days)$98.76
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 closing28 yr 2 moOf the original 30-year loan at 6.720%
Interest already paid$33,407Through Nov 2026
Assumption only · ends Jan 2055$330,066
New conventional · ends Dec 2056$387,635