Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $15,353
- Funds due
- $25,436
- Interest + MI left
- $313,716
- First ends
- Jun 2056
New loan
New conventional
$2,020/mo
+$124/mo- Down payment
- $28,000
- Funds due
- $35,727
- Interest + MI left
- $368,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,647 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,633.79 | $1,707.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $262.00 | $262.00 |
| Total housing payment | $1,895.79 | $2,019.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,353
Closing costs & prepaids$10,083
Usable credit−$0
Total buyer cash needed$25,436
Earnest money paid−$0
Remaining funds due$25,436
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,323.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Prepaid interest, first (9 days)$405.89
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 closing29 yr 6 moOf the original 30-year loan at 6.22%
Interest already paid$8,259Through Dec 2026
Assumption only · ends Jun 2056$313,716
New conventional · ends Jan 2057$368,466