Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,423
- Interest + MI left
- $180,929
- First ends
- Oct 2055
New loan
New conventional
$2,265/mo
+$507/mo- Down payment
- $31,000
- Funds due
- $38,710
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,777 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,480.42 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $277.17 | $277.17 |
| Total housing payment | $1,757.59 | $2,264.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,423
Usable credit−$0
Total buyer cash needed$10,423
Earnest money paid−$0
Remaining funds due$10,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,663.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$381.50
Prepaid interest, first (2 days)$59.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 11 moOf the original 30-year loan at 3.250%
Interest already paid$11,857Through Nov 2026
Assumption only · ends Oct 2055$180,929
New conventional · ends Dec 2056$423,122