Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,348/mo
Lowest payment- Down payment
- $28,135
- Funds due
- $39,397
- Interest + MI left
- $341,466
- First ends
- Dec 2055
New loan
New conventional
$2,537/mo
+$188/mo- Down payment
- $31,990
- Funds due
- $40,713
- Interest + MI left
- $420,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $291,765 | $287,910 |
| Second mortgage | — | — |
| First P&I | $1,819.63 | $1,950.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.58 |
| Taxes, insurance & HOA | $528.58 | $528.58 |
| Total housing payment | $2,348.21 | $2,536.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,135
Closing costs & prepaids$11,262
Usable credit−$0
Total buyer cash needed$39,397
Earnest money paid−$0
Remaining funds due$39,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,458.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,135.75
Prepaid interest, first (5 days)$250.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.26%
Interest already paid$18,383Through Dec 2026
Assumption only · ends Dec 2055$341,466
New conventional · ends Jan 2057$420,972