Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,666/mo
Lowest payment- Down payment
- $1,494
- Funds due
- $10,425
- Interest + MI left
- $284,115
- First ends
- Oct 2056
New loan
New conventional
$1,694/mo
+$29/mo- Down payment
- $22,500
- Funds due
- $29,296
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $223,506 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,413.99 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.50 |
| Taxes, insurance & HOA | $251.67 | $251.67 |
| Total housing payment | $1,665.65 | $1,694.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,494
Closing costs & prepaids$8,930
Usable credit−$0
Total buyer cash needed$10,425
Earnest money paid−$0
Remaining funds due$10,425
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,117.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$305.00
Prepaid interest, first (1 days)$39.80
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$1,212Through Nov 2026
Assumption only · ends Oct 2056$284,115
New conventional · ends Dec 2056$307,105