Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $39,073
- Funds due
- $48,761
- Interest + MI left
- $309,818
- First ends
- Aug 2056
New loan
New conventional
$2,078/mo
+$270/mo- Down payment
- $28,490
- Funds due
- $35,887
- Interest + MI left
- $388,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,827 | $256,410 |
| Second mortgage | — | — |
| First P&I | $1,556.43 | $1,775.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $51.28 |
| Taxes, insurance & HOA | $251.42 | $251.42 |
| Total housing payment | $1,807.84 | $2,078.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,073
Closing costs & prepaids$9,688
Usable credit−$0
Total buyer cash needed$48,761
Earnest money paid−$0
Remaining funds due$48,761
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,229.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$304.25
Prepaid interest, first (2 days)$87.42
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 closing29 yr 9 moOf the original 30-year loan at 6.490%
Interest already paid$3,996Through Nov 2026
Assumption only · ends Aug 2056$309,818
New conventional · ends Dec 2056$388,863