Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $19,235
- Funds due
- $28,525
- Interest + MI left
- $321,367
- First ends
- Apr 2055
New loan
New conventional
$1,905/mo
+$53/mo- Down payment
- $26,995
- Funds due
- $33,971
- Interest + MI left
- $368,458
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,715 | $242,955 |
| Second mortgage | — | — |
| First P&I | $1,677.66 | $1,682.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.59 |
| Taxes, insurance & HOA | $173.92 | $173.92 |
| Total housing payment | $1,851.58 | $1,904.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,235
Closing costs & prepaids$9,290
Usable credit−$0
Total buyer cash needed$28,525
Earnest money paid−$0
Remaining funds due$28,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,253.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$71.75
Prepaid interest, first (1 days)$47.33
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 5 moOf the original 30-year loan at 6.890%
Interest already paid$27,601Through Nov 2026
Assumption only · ends Apr 2055$321,367
New conventional · ends Dec 2056$368,458