Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $1,204
- Funds due
- $10,879
- Interest + MI left
- $281,368
- First ends
- May 2056
New loan
New conventional
$1,886/mo
+$40/mo- Down payment
- $24,500
- Funds due
- $31,927
- Interest + MI left
- $318,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $243,796 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,487.72 | $1,483.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.10 |
| Taxes, insurance & HOA | $358.25 | $358.25 |
| Total housing payment | $1,845.97 | $1,885.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,204
Closing costs & prepaids$9,675
Usable credit−$0
Total buyer cash needed$10,879
Earnest money paid−$0
Remaining funds due$10,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,218.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$624.75
Prepaid interest, first (4 days)$162.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 6.1%
Interest already paid$8,710Through Dec 2026
Assumption only · ends May 2056$281,368
New conventional · ends Jan 2057$318,654