Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,014/mo
Lowest payment- Down payment
- $21,916
- Funds due
- $34,564
- Interest + MI left
- $452,237
- First ends
- Oct 2054
New loan
New conventional
$3,071/mo
+$57/mo- Down payment
- $40,990
- Funds due
- $50,512
- Interest + MI left
- $539,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,984 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,515.63 | $2,499.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.78 |
| Taxes, insurance & HOA | $498.42 | $498.42 |
| Total housing payment | $3,014.05 | $3,071.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,916
Closing costs & prepaids$12,648
Usable credit−$0
Total buyer cash needed$34,564
Earnest money paid−$0
Remaining funds due$34,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,939.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,045.25
Prepaid interest, first (5 days)$345.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.5%
Interest already paid$55,390Through Dec 2026
Assumption only · ends Oct 2054$452,237
New conventional · ends Jan 2057$539,407