Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,369/mo
Lowest payment- Down payment
- $16,559
- Funds due
- $27,067
- Interest + MI left
- $398,132
- First ends
- Apr 2055
New loan
New conventional
$2,380/mo
+$12/mo- Down payment
- $32,500
- Funds due
- $40,349
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,441 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,072.06 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $296.58 | $296.58 |
| Total housing payment | $2,368.65 | $2,380.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,559
Closing costs & prepaids$10,509
Usable credit−$0
Total buyer cash needed$27,067
Earnest money paid−$0
Remaining funds due$27,067
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$439.75
Prepaid interest, first (1 days)$58.56
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 6.930%
Interest already paid$34,150Through Nov 2026
Assumption only · ends Apr 2055$398,132
New conventional · ends Dec 2056$443,596