Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $335
- Funds due
- $9,321
- Interest + MI left
- $306,830
- First ends
- Mar 2056
New loan
New conventional
$1,741/mo
+$13/mo- Down payment
- $24,750
- Funds due
- $31,460
- Interest + MI left
- $337,815
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,165 | $222,750 |
| Second mortgage | — | — |
| First P&I | $1,573.85 | $1,542.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.55 |
| Taxes, insurance & HOA | $154.17 | $154.17 |
| Total housing payment | $1,728.02 | $1,740.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$335
Closing costs & prepaids$8,985
Usable credit−$0
Total buyer cash needed$9,321
Earnest money paid−$0
Remaining funds due$9,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,475.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,235.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$12.50
Prepaid interest, first (1 days)$44.02
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 yr 4 moOf the original 30-year loan at 6.500%
Interest already paid$10,755Through Nov 2026
Assumption only · ends Mar 2056$306,830
New conventional · ends Dec 2056$337,815