Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,024/mo
Lowest payment- Down payment
- $9,018
- Funds due
- $19,071
- Interest + MI left
- $255,878
- First ends
- Mar 2055
New loan
New conventional
$2,062/mo
+$37/mo- Down payment
- $22,000
- Funds due
- $29,989
- Interest + MI left
- $300,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $210,982 | $198,000 |
| Second mortgage | — | — |
| First P&I | $1,373.12 | $1,370.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.60 |
| Taxes, insurance & HOA | $651.25 | $651.25 |
| Total housing payment | $2,024.37 | $2,061.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,018
Closing costs & prepaids$10,053
Usable credit−$0
Total buyer cash needed$19,071
Earnest money paid−$0
Remaining funds due$19,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,054.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,503.75
Prepaid interest, first (2 days)$76.30
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 closing28 yr 4 moOf the original 30-year loan at 6.600%
Interest already paid$23,444Through Nov 2026
Assumption only · ends Mar 2055$255,878
New conventional · ends Dec 2056$300,280