Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,274/mo
Lowest payment- Down payment
- $25,489
- Funds due
- $36,535
- Interest + MI left
- $345,567
- First ends
- Jan 2056
New loan
New conventional
$2,466/mo
+$191/mo- Down payment
- $32,490
- Funds due
- $40,955
- Interest + MI left
- $427,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,411 | $292,410 |
| Second mortgage | — | — |
| First P&I | $1,848.07 | $1,980.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.48 |
| Taxes, insurance & HOA | $426.17 | $426.17 |
| Total housing payment | $2,274.24 | $2,465.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,489
Closing costs & prepaids$11,046
Usable credit−$0
Total buyer cash needed$36,535
Earnest money paid−$0
Remaining funds due$36,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,497.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$828.50
Prepaid interest, first (5 days)$253.06
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 yr 1 moOf the original 30-year loan at 6.17%
Interest already paid$17,037Through Dec 2026
Assumption only · ends Jan 2056$345,567
New conventional · ends Jan 2057$427,552