Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $4,859
- Funds due
- $17,107
- Interest + MI left
- $467,804
- First ends
- Dec 2055
New loan
New conventional
$2,888/mo
+$65/mo- Down payment
- $41,000
- Funds due
- $50,043
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $405,141 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,508.46 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $314.00 | $314.00 |
| Total housing payment | $2,822.46 | $2,887.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,859
Closing costs & prepaids$12,248
Usable credit−$0
Total buyer cash needed$17,107
Earnest money paid−$0
Remaining funds due$17,107
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,025.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.00
Prepaid interest, first (6 days)$412.24
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 yrOf the original 30-year loan at 6.19%
Interest already paid$25,243Through Dec 2026
Assumption only · ends Dec 2055$467,804
New conventional · ends Jan 2057$539,539