Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,856/mo
Lowest payment- Down payment
- $33,360
- Funds due
- $45,617
- Interest + MI left
- $419,646
- First ends
- Apr 2054
New loan
New conventional
$2,944/mo
+$88/mo- Down payment
- $39,200
- Funds due
- $48,500
- Interest + MI left
- $515,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,640 | $352,800 |
| Second mortgage | — | — |
| First P&I | $2,372.82 | $2,389.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.56 |
| Taxes, insurance & HOA | $483.17 | $483.17 |
| Total housing payment | $2,855.99 | $2,943.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,360
Closing costs & prepaids$12,257
Usable credit−$0
Total buyer cash needed$45,617
Earnest money paid−$0
Remaining funds due$45,617
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$999.50
Prepaid interest, first (5 days)$326.21
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$64,570Through Dec 2026
Assumption only · ends Apr 2054$419,646
New conventional · ends Jan 2057$515,852