Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,297/mo
Lowest payment- Down payment
- $24,643
- Funds due
- $38,094
- Interest + MI left
- $546,116
- First ends
- Jan 2055
New loan
New conventional
$3,305/mo
+$8/mo- Down payment
- $47,000
- Funds due
- $56,968
- Interest + MI left
- $618,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,356 | $422,999 |
| Second mortgage | — | — |
| First P&I | $2,942.05 | $2,865.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.60 |
| Taxes, insurance & HOA | $354.67 | $354.67 |
| Total housing payment | $3,296.72 | $3,304.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,643
Closing costs & prepaids$13,451
Usable credit−$0
Total buyer cash needed$38,094
Earnest money paid−$0
Remaining funds due$38,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,226.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Prepaid interest, first (6 days)$491.97
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 closing28 yr 1 moOf the original 30-year loan at 6.72%
Interest already paid$58,023Through Dec 2026
Assumption only · ends Jan 2055$546,116
New conventional · ends Jan 2057$618,494