Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $26,491
- Funds due
- $36,512
- Interest + MI left
- $302,263
- First ends
- Dec 2055
New loan
New conventional
$2,175/mo
+$201/mo- Down payment
- $27,950
- Funds due
- $35,640
- Interest + MI left
- $381,492
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,009 | $251,550 |
| Second mortgage | — | — |
| First P&I | $1,591.04 | $1,741.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.31 |
| Taxes, insurance & HOA | $382.92 | $382.92 |
| Total housing payment | $1,973.95 | $2,174.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,491
Closing costs & prepaids$10,021
Usable credit−$0
Total buyer cash needed$36,512
Earnest money paid−$0
Remaining funds due$36,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,265.04
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$698.75
Prepaid interest, first (1 days)$44.02
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$14,813Through Nov 2026
Assumption only · ends Dec 2055$302,263
New conventional · ends Dec 2056$381,492