Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $36,885
- Funds due
- $47,833
- Interest + MI left
- $392,732
- First ends
- Nov 2055
New loan
New conventional
$2,624/mo
+$286/mo- Down payment
- $36,990
- Funds due
- $45,120
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,015 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,085.48 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.58 |
| Taxes, insurance & HOA | $252.83 | $252.83 |
| Total housing payment | $2,338.31 | $2,624.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,885
Closing costs & prepaids$10,948
Usable credit−$0
Total buyer cash needed$47,833
Earnest money paid−$0
Remaining funds due$47,833
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,665.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.50
Prepaid interest, first (1 days)$57.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.300%
Interest already paid$21,115Through Nov 2026
Assumption only · ends Nov 2055$392,732
New conventional · ends Dec 2056$504,880