Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,944/mo
Lowest payment- Down payment
- $44,116
- Funds due
- $59,384
- Interest + MI left
- $586,086
- First ends
- Apr 2054
New loan
New conventional
$4,051/mo
+$107/mo- Down payment
- $54,500
- Funds due
- $65,952
- Interest + MI left
- $717,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,884 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,313.93 | $3,322.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.10 |
| Taxes, insurance & HOA | $629.92 | $629.92 |
| Total housing payment | $3,943.85 | $4,050.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,116
Closing costs & prepaids$15,268
Usable credit−$0
Total buyer cash needed$59,384
Earnest money paid−$0
Remaining funds due$59,384
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,504.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,389.75
Prepaid interest, first (5 days)$455.60
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$90,180Through Dec 2026
Assumption only · ends Apr 2054$586,086
New conventional · ends Jan 2057$717,192