Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,008/mo
Lowest payment- Down payment
- $38,096
- Funds due
- $48,328
- Interest + MI left
- $237,629
- First ends
- Jun 2053
New loan
New conventional
$2,243/mo
+$235/mo- Down payment
- $26,250
- Funds due
- $34,314
- Interest + MI left
- $358,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $224,404 | $236,250 |
| Second mortgage | — | — |
| First P&I | $1,448.38 | $1,635.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.25 |
| Taxes, insurance & HOA | $559.67 | $559.67 |
| Total housing payment | $2,008.05 | $2,242.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,096
Closing costs & prepaids$10,233
Usable credit−$0
Total buyer cash needed$48,328
Earnest money paid−$0
Remaining funds due$48,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,625.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,122.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,229.00
Prepaid interest, first (1 days)$38.61
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 closing26 yr 7 moOf the original 30-year loan at 6.280%
Interest already paid$49,297Through Nov 2026
Assumption only · ends Jun 2053$237,629
New conventional · ends Dec 2056$358,289