Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $27,046
- Funds due
- $37,131
- Interest + MI left
- $155,092
- First ends
- Nov 2051
New loan
New conventional
$2,230/mo
+$494/mo- Down payment
- $29,900
- Funds due
- $37,559
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $271,954 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,423.49 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $312.67 | $312.67 |
| Total housing payment | $1,736.16 | $2,229.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,046
Closing costs & prepaids$10,085
Usable credit−$0
Total buyer cash needed$37,131
Earnest money paid−$0
Remaining funds due$37,131
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$488.00
Prepaid interest, first (1 days)$29.21
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 closing25 yrOf the original 29-year loan at 3.920%
Interest already paid$44,591Through Nov 2026
Assumption only · ends Nov 2051$155,092
New conventional · ends Dec 2056$408,108