Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,411
- Interest + MI left
- $96,250
- First ends
- Feb 2046
New loan
New conventional
$2,214/mo
+$35/mo- Down payment
- $27,500
- Funds due
- $35,353
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,051 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.50 |
| Taxes, insurance & HOA | $450.92 | $450.92 |
| Total housing payment | $2,179.49 | $2,214.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,411
Usable credit−$0
Total buyer cash needed$10,411
Earnest money paid−$0
Remaining funds due$10,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,515.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$902.75
Prepaid interest, first (1 days)$24.91
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 closing19 yr 3 moOf the original 30-year loan at 3.000%
Interest already paid$116,037Through Nov 2026
Assumption only · ends Feb 2046$96,250
New conventional · ends Dec 2056$375,350