Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $41,168
- Funds due
- $52,020
- Interest + MI left
- $367,391
- First ends
- Dec 2054
New loan
New conventional
$2,353/mo
+$118/mo- Down payment
- $32,990
- Funds due
- $41,306
- Interest + MI left
- $434,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,732 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,952.75 | $2,011.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $282.00 | $282.00 |
| Total housing payment | $2,234.75 | $2,352.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,168
Closing costs & prepaids$10,851
Usable credit−$0
Total buyer cash needed$52,020
Earnest money paid−$0
Remaining funds due$52,020
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,443.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.00
Prepaid interest, first (9 days)$494.80
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 closing28 yrOf the original 30-year loan at 6.95%
Interest already paid$40,598Through Dec 2026
Assumption only · ends Dec 2054$367,391
New conventional · ends Jan 2057$434,132