Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,237/mo
Lowest payment- Down payment
- $36,964
- Funds due
- $47,332
- Interest + MI left
- $388,176
- First ends
- Apr 2055
New loan
New conventional
$2,389/mo
+$152/mo- Down payment
- $33,980
- Funds due
- $41,706
- Interest + MI left
- $463,797
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,836 | $305,820 |
| Second mortgage | — | — |
| First P&I | $2,026.43 | $2,117.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.16 |
| Taxes, insurance & HOA | $210.33 | $210.33 |
| Total housing payment | $2,236.76 | $2,388.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,964
Closing costs & prepaids$10,368
Usable credit−$0
Total buyer cash needed$47,332
Earnest money paid−$0
Remaining funds due$47,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,398.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,514.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$181.00
Prepaid interest, first (1 days)$57.17
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$33,338Through Nov 2026
Assumption only · ends Apr 2055$388,176
New conventional · ends Dec 2056$463,797