Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,796/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,275
- Interest + MI left
- $374,052
- First ends
- Nov 2054
New loan
New conventional
$2,990/mo
+$193/mo- Down payment
- $39,990
- Funds due
- $48,987
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,519 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,370.75 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $425.75 | $425.75 |
| Total housing payment | $2,796.50 | $2,989.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,275
Usable credit−$0
Total buyer cash needed$12,275
Earnest money paid−$0
Remaining funds due$12,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,112.59
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$827.25
Prepaid interest, first (2 days)$118.65
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 closing28 yrOf the original 30-year loan at 5.125%
Interest already paid$44,008Through Nov 2026
Assumption only · ends Nov 2054$374,052
New conventional · ends Dec 2056$545,828