Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,751
- Interest + MI left
- $294,136
- First ends
- Oct 2055
New loan
New conventional
$3,549/mo
+$799/mo- Down payment
- $50,000
- Funds due
- $59,796
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $540,995 | $450,000 |
| Second mortgage | — | — |
| First P&I | $2,406.72 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $343.25 | $343.25 |
| Total housing payment | $2,749.97 | $3,548.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,751
Usable credit−$0
Total buyer cash needed$13,751
Earnest money paid−$0
Remaining funds due$13,751
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,704.98
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$529.75
Prepaid interest, first (1 days)$48.17
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 closing28 yr 11 moOf the original 30-year loan at 3.250%
Interest already paid$19,276Through Nov 2026
Assumption only · ends Oct 2055$294,136
New conventional · ends Dec 2056$682,455