Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,681/mo
Lowest payment- Down payment
- $7,426
- Funds due
- $18,735
- Interest + MI left
- $447,891
- First ends
- Feb 2055
New loan
New conventional
$2,714/mo
+$33/mo- Down payment
- $38,490
- Funds due
- $46,737
- Interest + MI left
- $525,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,474 | $346,410 |
| Second mortgage | — | — |
| First P&I | $2,434.71 | $2,398.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.28 |
| Taxes, insurance & HOA | $245.92 | $245.92 |
| Total housing payment | $2,680.62 | $2,713.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,426
Closing costs & prepaids$11,309
Usable credit−$0
Total buyer cash needed$18,735
Earnest money paid−$0
Remaining funds due$18,735
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,887.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$287.75
Prepaid interest, first (1 days)$67.22
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$43,406Through Nov 2026
Assumption only · ends Feb 2055$447,891
New conventional · ends Dec 2056$525,354