Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $19,922
- Funds due
- $30,706
- Interest + MI left
- $132,796
- First ends
- Sep 2051
New loan
New conventional
$2,420/mo
+$609/mo- Down payment
- $34,000
- Funds due
- $42,254
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,078 | $306,000 |
| Second mortgage | — | — |
| First P&I | $1,524.83 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $286.00 | $286.00 |
| Total housing payment | $1,810.83 | $2,420.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,922
Closing costs & prepaids$10,783
Usable credit−$0
Total buyer cash needed$30,706
Earnest money paid−$0
Remaining funds due$30,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,600.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$408.00
Prepaid interest, first (6 days)$156.79
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 closing24 yr 9 moOf the original 30-year loan at 2.98%
Interest already paid$53,542Through Dec 2026
Assumption only · ends Sep 2051$132,796
New conventional · ends Jan 2057$447,423