Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,974/mo
Lowest payment- Down payment
- $28,554
- Funds due
- $41,212
- Interest + MI left
- $411,863
- First ends
- Nov 2055
New loan
New conventional
$3,146/mo
+$172/mo- Down payment
- $36,000
- Funds due
- $45,859
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $331,446 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,135.94 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $837.67 | $837.67 |
| Total housing payment | $2,973.61 | $3,145.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,554
Closing costs & prepaids$12,658
Usable credit−$0
Total buyer cash needed$41,212
Earnest money paid−$0
Remaining funds due$41,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,657.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,063.00
Prepaid interest, first (2 days)$119.50
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 yrOf the original 30-year loan at 6.580%
Interest already paid$21,942Through Nov 2026
Assumption only · ends Nov 2055$411,863
New conventional · ends Dec 2056$491,368