Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,204/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,083
- Interest + MI left
- $299,093
- First ends
- Feb 2056
New loan
New conventional
$2,563/mo
+$359/mo- Down payment
- $35,000
- Funds due
- $43,146
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,505 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,884.89 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $318.92 | $318.92 |
| Total housing payment | $2,203.81 | $2,562.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,083
Usable credit−$0
Total buyer cash needed$11,083
Earnest money paid−$0
Remaining funds due$11,083
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,812.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$506.75
Prepaid interest, first (1 days)$45.88
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 closing29 yr 3 moOf the original 30-year loan at 4.620%
Interest already paid$12,644Through Nov 2026
Assumption only · ends Feb 2056$299,093
New conventional · ends Dec 2056$477,719