Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $20,496
- Funds due
- $31,052
- Interest + MI left
- $417,110
- First ends
- Aug 2055
New loan
New conventional
$2,437/mo
+$80/mo- Down payment
- $35,000
- Funds due
- $42,769
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,504 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,164.10 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $193.25 | $193.25 |
| Total housing payment | $2,357.35 | $2,437.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,496
Closing costs & prepaids$10,556
Usable credit−$0
Total buyer cash needed$31,052
Earnest money paid−$0
Remaining funds due$31,052
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,647.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$129.75
Prepaid interest, first (1 days)$60.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.740%
Interest already paid$27,965Through Nov 2026
Assumption only · ends Aug 2055$417,110
New conventional · ends Dec 2056$477,719