Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,565/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,062
- Interest + MI left
- $150,424
- First ends
- Jul 2051
New loan
New conventional
$2,728/mo
+$163/mo- Down payment
- $29,500
- Funds due
- $38,692
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,235 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $836.17 | $836.17 |
| Total housing payment | $2,564.74 | $2,727.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$12,062
Earnest money paid−$0
Remaining funds due$12,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,806.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,058.50
Prepaid interest, first (1 days)$29.69
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 closing24 yr 8 moOf the original 30-year loan at 3.000%
Interest already paid$61,864Through Nov 2026
Assumption only · ends Jul 2051$150,424
New conventional · ends Dec 2056$402,649