Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $12,745
- Funds due
- $23,319
- Interest + MI left
- $395,007
- First ends
- Jun 2055
New loan
New conventional
$2,418/mo
+$78/mo- Down payment
- $34,100
- Funds due
- $41,903
- Interest + MI left
- $465,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $328,253 | $306,898 |
| Second mortgage | — | — |
| First P&I | $2,108.63 | $2,124.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.38 |
| Taxes, insurance & HOA | $232.17 | $232.17 |
| Total housing payment | $2,340.80 | $2,418.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,745
Closing costs & prepaids$10,574
Usable credit−$0
Total buyer cash needed$23,319
Earnest money paid−$0
Remaining funds due$23,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,409.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,641.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$246.50
Prepaid interest, first (1 days)$58.46
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$30,491Through Nov 2026
Assumption only · ends Jun 2055$395,007
New conventional · ends Dec 2056$465,431