Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,208/mo
Lowest payment- Down payment
- $0
- Funds due
- $14,193
- Interest + MI left
- $238,417
- First ends
- Nov 2051
New loan
New conventional
$3,372/mo
+$164/mo- Down payment
- $48,000
- Funds due
- $58,081
- Interest + MI left
- $631,655
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $613,441 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,849.02 | $2,926.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.40 |
| Taxes, insurance & HOA | $358.67 | $358.67 |
| Total housing payment | $3,207.69 | $3,371.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,193
Usable credit−$0
Total buyer cash needed$14,193
Earnest money paid−$0
Remaining funds due$14,193
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,067.20
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (6 days)$281.34
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 11 moOf the original 30-year loan at 2.79%
Interest already paid$92,962Through Dec 2026
Assumption only · ends Nov 2051$238,417
New conventional · ends Jan 2057$631,655