Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,961/mo
Lowest payment- Down payment
- $0
- Funds due
- $18,307
- Interest + MI left
- $289,496
- First ends
- Dec 2051
New loan
New conventional
$4,991/mo
+$1,030/mo- Down payment
- $71,500
- Funds due
- $84,978
- Interest + MI left
- $940,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $748,040 | $643,500 |
| Second mortgage | — | — |
| First P&I | $3,458.45 | $4,359.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $128.70 |
| Taxes, insurance & HOA | $502.67 | $502.67 |
| Total housing payment | $3,961.12 | $4,990.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$18,307
Usable credit−$0
Total buyer cash needed$18,307
Earnest money paid−$0
Remaining funds due$18,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,740.20
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$858.00
Prepaid interest, first (6 days)$340.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing25 yrOf the original 30-year loan at 2.77%
Interest already paid$110,582Through Dec 2026
Assumption only · ends Dec 2051$289,496
New conventional · ends Jan 2057$940,903