Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $40,889
- Funds due
- $51,073
- Interest + MI left
- $369,065
- First ends
- Dec 2054
New loan
New conventional
$2,320/mo
+$162/mo- Down payment
- $32,990
- Funds due
- $40,610
- Interest + MI left
- $450,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $289,011 | $296,910 |
| Second mortgage | — | — |
| First P&I | $1,952.75 | $2,055.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.38 |
| Taxes, insurance & HOA | $205.33 | $205.33 |
| Total housing payment | $2,158.08 | $2,320.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,889
Closing costs & prepaids$10,183
Usable credit−$0
Total buyer cash needed$51,073
Earnest money paid−$0
Remaining funds due$51,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,445.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$166.00
Prepaid interest, first (1 days)$55.03
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 1 moOf the original 30-year loan at 6.950%
Interest already paid$38,924Through Nov 2026
Assumption only · ends Dec 2054$369,065
New conventional · ends Dec 2056$450,284