Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $21,289
- Funds due
- $31,563
- Interest + MI left
- $203,292
- First ends
- Jul 2056
New loan
New conventional
$2,315/mo
+$677/mo- Down payment
- $32,990
- Funds due
- $40,654
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,611 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,437.93 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $200.00 | $200.00 |
| Total housing payment | $1,637.93 | $2,315.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,289
Closing costs & prepaids$10,273
Usable credit−$0
Total buyer cash needed$31,563
Earnest money paid−$0
Remaining funds due$31,563
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,543.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$63.41
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 8 moOf the original 30-year loan at 3.750%
Interest already paid$3,872Through Nov 2026
Assumption only · ends Jul 2056$203,292
New conventional · ends Dec 2056$450,284