Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $44,319
- Funds due
- $57,896
- Interest + MI left
- $199,675
- First ends
- Dec 2051
New loan
New conventional
$3,504/mo
+$954/mo- Down payment
- $49,990
- Funds due
- $60,295
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,581 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,184.19 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $2,550.86 | $3,504.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,319
Closing costs & prepaids$13,577
Usable credit−$0
Total buyer cash needed$57,896
Earnest money paid−$0
Remaining funds due$57,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,277.91
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Prepaid interest, first (6 days)$232.16
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 3.1%
Interest already paid$75,133Through Dec 2026
Assumption only · ends Dec 2051$199,675
New conventional · ends Jan 2057$657,843