Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,856/mo
Lowest payment- Down payment
- $15,092
- Funds due
- $24,696
- Interest + MI left
- $315,089
- First ends
- Jun 2056
New loan
New conventional
$2,017/mo
+$161/mo- Down payment
- $28,000
- Funds due
- $35,212
- Interest + MI left
- $382,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $264,908 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,633.79 | $1,744.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $221.83 | $221.83 |
| Total housing payment | $1,855.63 | $2,017.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,092
Closing costs & prepaids$9,603
Usable credit−$0
Total buyer cash needed$24,696
Earnest money paid−$0
Remaining funds due$24,696
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%)$1,324.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$215.50
Prepaid interest, first (1 days)$45.14
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 7 moOf the original 30-year loan at 6.220%
Interest already paid$6,886Through Nov 2026
Assumption only · ends Jun 2056$315,089
New conventional · ends Dec 2056$382,175