Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,106/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,038
- Interest + MI left
- $68,037
- First ends
- Jun 2051
New loan
New conventional
$1,259/mo
+$153/mo- Down payment
- $14,500
- Funds due
- $20,821
- Interest + MI left
- $197,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $161,025 | $130,500 |
| Second mortgage | — | — |
| First P&I | $776.48 | $903.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $26.10 |
| Taxes, insurance & HOA | $329.42 | $329.42 |
| Total housing payment | $1,105.90 | $1,259.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,038
Usable credit−$0
Total buyer cash needed$8,038
Earnest money paid−$0
Remaining funds due$8,038
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$805.12
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.25
Prepaid interest, first (2 days)$26.91
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 closing24 yr 7 moOf the original 30-year loan at 3.050%
Interest already paid$28,496Through Nov 2026
Assumption only · ends Jun 2051$68,037
New conventional · ends Dec 2056$197,912