Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,189/mo
Lowest payment- Down payment
- $26,436
- Funds due
- $37,041
- Interest + MI left
- $353,650
- First ends
- Dec 2055
New loan
New conventional
$2,421/mo
+$232/mo- Down payment
- $32,990
- Funds due
- $40,972
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,464 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,882.85 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $305.83 | $305.83 |
| Total housing payment | $2,188.68 | $2,420.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,436
Closing costs & prepaids$10,605
Usable credit−$0
Total buyer cash needed$37,041
Earnest money paid−$0
Remaining funds due$37,041
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,517.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$467.50
Prepaid interest, first (2 days)$103.43
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 closing29 yr 1 moOf the original 30-year loan at 6.220%
Interest already paid$17,406Through Nov 2026
Assumption only · ends Dec 2055$353,650
New conventional · ends Dec 2056$450,284