Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
Lowest payment- Down payment
- $25,327
- Funds due
- $36,731
- Interest + MI left
- $143,257
- First ends
- Nov 2050
New loan
New conventional
$2,781/mo
+$707/mo- Down payment
- $37,990
- Funds due
- $46,488
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,573 | $341,910 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $344.92 | $344.92 |
| Total housing payment | $2,073.49 | $2,780.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,327
Closing costs & prepaids$11,404
Usable credit−$0
Total buyer cash needed$36,731
Earnest money paid−$0
Remaining funds due$36,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,772.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$584.75
Prepaid interest, first (1 days)$29.14
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 closing24 yrOf the original 30-year loan at 3.000%
Interest already paid$69,030Through Nov 2026
Assumption only · ends Nov 2050$143,257
New conventional · ends Dec 2056$518,530