Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
+$30/mo- Down payment
- $8,840
- Funds due
- $18,027
- Interest + MI left
- $298,910
- First ends
- May 2054
New loan
New conventional
$1,827/mo
Lowest payment- Down payment
- $25,100
- Funds due
- $32,032
- Interest + MI left
- $342,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $242,160 | $225,900 |
| Second mortgage | — | — |
| First P&I | $1,639.60 | $1,564.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.18 |
| Taxes, insurance & HOA | $217.50 | $217.50 |
| Total housing payment | $1,857.10 | $1,826.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,840
Closing costs & prepaids$9,187
Usable credit−$0
Total buyer cash needed$18,027
Earnest money paid−$0
Remaining funds due$18,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,510.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,210.80
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$202.50
Prepaid interest, first (1 days)$45.78
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 6 moOf the original 30-year loan at 6.900%
Interest already paid$42,395Through Nov 2026
Assumption only · ends May 2054$298,910
New conventional · ends Dec 2056$342,593