Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,003/mo
Lowest payment- Down payment
- $33,119
- Funds due
- $43,489
- Interest + MI left
- $246,766
- First ends
- Dec 2054
New loan
New conventional
$2,264/mo
+$261/mo- Down payment
- $26,000
- Funds due
- $34,202
- Interest + MI left
- $354,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $226,881 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,405.48 | $1,620.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $597.50 | $597.50 |
| Total housing payment | $2,002.98 | $2,264.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,119
Closing costs & prepaids$10,370
Usable credit−$0
Total buyer cash needed$43,489
Earnest money paid−$0
Remaining funds due$43,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,134.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,342.50
Prepaid interest, first (2 days)$75.59
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 1 moOf the original 30-year loan at 6.080%
Interest already paid$26,783Through Nov 2026
Assumption only · ends Dec 2054$246,766
New conventional · ends Dec 2056$354,877