Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,045/mo
Lowest payment- Down payment
- $9,466
- Funds due
- $19,424
- Interest + MI left
- $320,317
- First ends
- Nov 2055
New loan
New conventional
$2,089/mo
+$44/mo- Down payment
- $26,490
- Funds due
- $34,116
- Interest + MI left
- $361,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,434 | $238,410 |
| Second mortgage | — | — |
| First P&I | $1,654.46 | $1,650.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.68 |
| Taxes, insurance & HOA | $390.17 | $390.17 |
| Total housing payment | $2,044.62 | $2,088.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,466
Closing costs & prepaids$9,957
Usable credit−$0
Total buyer cash needed$19,424
Earnest money paid−$0
Remaining funds due$19,424
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$720.50
Prepaid interest, first (2 days)$92.80
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 yrOf the original 30-year loan at 6.630%
Interest already paid$17,037Through Nov 2026
Assumption only · ends Nov 2055$320,317
New conventional · ends Dec 2056$361,565