Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,980/mo
Lowest payment- Down payment
- $40,615
- Funds due
- $52,768
- Interest + MI left
- $460,005
- First ends
- Jun 2053
New loan
New conventional
$3,140/mo
+$160/mo- Down payment
- $45,000
- Funds due
- $53,872
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,385 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,725.36 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $254.83 | $254.83 |
| Total housing payment | $2,980.19 | $3,139.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,615
Closing costs & prepaids$12,153
Usable credit−$0
Total buyer cash needed$52,768
Earnest money paid−$0
Remaining funds due$52,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,046.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$314.50
Prepaid interest, first (1 days)$74.03
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 closing26 yr 7 moOf the original 30-year loan at 6.600%
Interest already paid$94,393Through Nov 2026
Assumption only · ends Jun 2053$460,005
New conventional · ends Dec 2056$614,210