Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $27,296
- Funds due
- $37,246
- Interest + MI left
- $106,534
- First ends
- Dec 2051
New loan
New conventional
$2,080/mo
+$587/mo- Down payment
- $28,900
- Funds due
- $36,733
- Interest + MI left
- $380,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $261,704 | $260,100 |
| Second mortgage | — | — |
| First P&I | $1,227.46 | $1,762.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.02 |
| Taxes, insurance & HOA | $265.58 | $265.58 |
| Total housing payment | $1,493.05 | $2,079.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,296
Closing costs & prepaids$9,950
Usable credit−$0
Total buyer cash needed$37,246
Earnest money paid−$0
Remaining funds due$37,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,308.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$346.75
Prepaid interest, first (9 days)$187.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$40,452Through Dec 2026
Assumption only · ends Dec 2051$106,534
New conventional · ends Jan 2057$380,309