Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,254/mo
Lowest payment- Down payment
- $8,778
- Funds due
- $17,647
- Interest + MI left
- $80,150
- First ends
- Jan 2051
New loan
New conventional
$1,632/mo
+$378/mo- Down payment
- $22,200
- Funds due
- $29,125
- Interest + MI left
- $292,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $213,222 | $199,800 |
| Second mortgage | — | — |
| First P&I | $1,015.13 | $1,353.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.96 |
| Taxes, insurance & HOA | $238.83 | $238.83 |
| Total housing payment | $1,253.96 | $1,632.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,778
Closing costs & prepaids$8,869
Usable credit−$0
Total buyer cash needed$17,647
Earnest money paid−$0
Remaining funds due$17,647
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,220.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,066.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$266.50
Prepaid interest, first (6 days)$98.14
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 1 moOf the original 30-year loan at 2.8%
Interest already paid$38,243Through Dec 2026
Assumption only · ends Jan 2051$80,150
New conventional · ends Jan 2057$292,141