Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,279/mo
Lowest payment- Down payment
- $31,600
- Funds due
- $42,727
- Interest + MI left
- $327,977
- First ends
- May 2056
New loan
New conventional
$2,455/mo
+$176/mo- Down payment
- $29,490
- Funds due
- $38,244
- Interest + MI left
- $388,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $263,300 | $265,410 |
| Second mortgage | — | — |
| First P&I | $1,675.01 | $1,797.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.08 |
| Taxes, insurance & HOA | $604.00 | $604.00 |
| Total housing payment | $2,279.01 | $2,455.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,600
Closing costs & prepaids$11,127
Usable credit−$0
Total buyer cash needed$42,727
Earnest money paid−$0
Remaining funds due$42,727
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,316.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$354.00
Initial HOA (3 months)$1,008.00
Prepaid interest, first (6 days)$281.33
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 closing29 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$10,021Through Dec 2026
Assumption only · ends May 2056$327,977
New conventional · ends Jan 2057$388,073