Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$424/mo
Lowest payment- Down payment
- $24,656
- Funds due
- $30,856
- Interest + MI left
- $15,244
- First ends
- Feb 2047
New loan
New conventional
$601/mo
+$177/mo- Down payment
- $6,000
- Funds due
- $11,185
- Interest + MI left
- $81,895
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $35,344 | $54,000 |
| Second mortgage | — | — |
| First P&I | $208.18 | $373.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $10.80 |
| Taxes, insurance & HOA | $216.08 | $216.08 |
| Total housing payment | $424.27 | $600.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,656
Closing costs & prepaids$6,200
Usable credit−$0
Total buyer cash needed$30,856
Earnest money paid−$0
Remaining funds due$30,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$176.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$198.25
Prepaid interest, first (2 days)$7.30
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 closing20 yr 3 moOf the original 30-year loan at 3.770%
Interest already paid$14,859Through Nov 2026
Assumption only · ends Feb 2047$15,244
New conventional · ends Dec 2056$81,895