Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,608/mo
+$33/mo- Down payment
- $13,033
- Funds due
- $24,044
- Interest + MI left
- $423,481
- First ends
- Sep 2054
New loan
New conventional
$2,575/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,183
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,966 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,276.79 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $331.50 | $331.50 |
| Total housing payment | $2,608.29 | $2,575.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,033
Closing costs & prepaids$11,011
Usable credit−$0
Total buyer cash needed$24,044
Earnest money paid−$0
Remaining funds due$24,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,684.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$544.50
Prepaid interest, first (1 days)$63.89
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 closing27 yr 10 moOf the original 30-year loan at 6.920%
Interest already paid$51,163Through Nov 2026
Assumption only · ends Sep 2054$423,481
New conventional · ends Dec 2056$477,717