Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
Lowest payment- Down payment
- $32,344
- Funds due
- $42,573
- Interest + MI left
- $347,506
- First ends
- Nov 2054
New loan
New conventional
$2,322/mo
+$196/mo- Down payment
- $33,000
- Funds due
- $40,625
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,656 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,920.12 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $206.50 | $206.50 |
| Total housing payment | $2,126.62 | $2,322.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,344
Closing costs & prepaids$10,229
Usable credit−$0
Total buyer cash needed$42,573
Earnest money paid−$0
Remaining funds due$42,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.28
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$169.50
Prepaid interest, first (1 days)$52.76
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 yrOf the original 30-year loan at 6.470%
Interest already paid$39,004Through Nov 2026
Assumption only · ends Nov 2054$347,506
New conventional · ends Dec 2056$450,420