Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
Lowest payment- Down payment
- $23,725
- Funds due
- $35,761
- Interest + MI left
- $482,804
- First ends
- Feb 2056
New loan
New conventional
$3,036/mo
+$260/mo- Down payment
- $44,000
- Funds due
- $52,742
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $416,275 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,561.48 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $215.33 | $215.33 |
| Total housing payment | $2,776.81 | $3,036.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,725
Closing costs & prepaids$12,036
Usable credit−$0
Total buyer cash needed$35,761
Earnest money paid−$0
Remaining funds due$35,761
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,081.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$196.00
Prepaid interest, first (2 days)$140.51
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 closing29 yr 3 moOf the original 30-year loan at 6.160%
Interest already paid$19,328Through Nov 2026
Assumption only · ends Feb 2056$482,804
New conventional · ends Dec 2056$600,561