Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,043/mo
+$94/mo- Down payment
- $22,026
- Funds due
- $34,355
- Interest + MI left
- $478,463
- First ends
- Sep 2054
New loan
New conventional
$2,948/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $48,764
- Interest + MI left
- $513,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,974 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,556.87 | $2,391.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $485.75 | $485.75 |
| Total housing payment | $3,042.62 | $2,948.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,026
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$34,355
Earnest money paid−$0
Remaining funds due$34,355
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,864.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,007.25
Prepaid interest, first (4 days)$288.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 7.06%
Interest already paid$60,009Through Dec 2026
Assumption only · ends Sep 2054$478,463
New conventional · ends Jan 2057$513,748