Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,412/mo
Lowest payment- Down payment
- $23,933
- Funds due
- $35,294
- Interest + MI left
- $399,605
- First ends
- Feb 2056
New loan
New conventional
$2,587/mo
+$175/mo- Down payment
- $36,500
- Funds due
- $45,036
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,067 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,116.21 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.70 |
| Taxes, insurance & HOA | $296.00 | $296.00 |
| Total housing payment | $2,412.21 | $2,587.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,933
Closing costs & prepaids$11,361
Usable credit−$0
Total buyer cash needed$35,294
Earnest money paid−$0
Remaining funds due$35,294
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,705.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.00
Prepaid interest, first (6 days)$349.29
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 2 moOf the original 30-year loan at 6.23%
Interest already paid$17,804Through Dec 2026
Assumption only · ends Feb 2056$399,605
New conventional · ends Jan 2057$480,321