Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,983
- Interest + MI left
- $117,890
- First ends
- Oct 2051
New loan
New conventional
$2,125/mo
+$466/mo- Down payment
- $29,175
- Funds due
- $36,592
- Interest + MI left
- $398,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,135 | $262,575 |
| Second mortgage | — | — |
| First P&I | $1,404.77 | $1,818.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.51 |
| Taxes, insurance & HOA | $254.50 | $254.50 |
| Total housing payment | $1,659.27 | $2,125.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,983
Usable credit−$0
Total buyer cash needed$9,983
Earnest money paid−$0
Remaining funds due$9,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,917.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$313.50
Prepaid interest, first (1 days)$23.18
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 yr 11 moOf the original 30-year loan at 2.800%
Interest already paid$45,946Through Nov 2026
Assumption only · ends Oct 2051$117,890
New conventional · ends Dec 2056$398,213