Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,406
- Interest + MI left
- $162,729
- First ends
- May 2051
New loan
New conventional
$2,587/mo
+$435/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 | $381,114 | $328,500 |
| Second mortgage | — | — |
| First P&I | $1,856.12 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.70 |
| Taxes, insurance & HOA | $296.00 | $296.00 |
| Total housing payment | $2,152.12 | $2,587.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,406
Usable credit−$0
Total buyer cash needed$11,406
Earnest money paid−$0
Remaining funds due$11,406
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%)$1,905.57
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)$194.21
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 5 moOf the original 30-year loan at 3.1%
Interest already paid$70,802Through Dec 2026
Assumption only · ends May 2051$162,729
New conventional · ends Jan 2057$480,321