Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,437/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,394
- Interest + MI left
- $120,078
- First ends
- Aug 2048
New loan
New conventional
$2,497/mo
+$60/mo- Down payment
- $27,900
- Funds due
- $36,614
- Interest + MI left
- $380,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,080 | $251,100 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,738.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.22 |
| Taxes, insurance & HOA | $708.67 | $708.67 |
| Total housing payment | $2,437.25 | $2,497.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,394
Usable credit−$0
Total buyer cash needed$11,394
Earnest money paid−$0
Remaining funds due$11,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,655.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,626.00
Initial HOA (3 months)$50.01
Prepaid interest, first (2 days)$54.42
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 closing21 yr 9 moOf the original 30-year loan at 3.000%
Interest already paid$92,209Through Nov 2026
Assumption only · ends Aug 2048$120,078
New conventional · ends Dec 2056$380,810