Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,143/mo
Lowest payment- Down payment
- $10,606
- Funds due
- $21,011
- Interest + MI left
- $312,127
- First ends
- Nov 2054
New loan
New conventional
$2,181/mo
+$38/mo- Down payment
- $28,500
- Funds due
- $36,469
- Interest + MI left
- $375,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,394 | $256,500 |
| Second mortgage | — | — |
| First P&I | $1,750.81 | $1,737.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $51.30 |
| Taxes, insurance & HOA | $392.25 | $392.25 |
| Total housing payment | $2,143.06 | $2,181.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,606
Closing costs & prepaids$10,405
Usable credit−$0
Total buyer cash needed$21,011
Earnest money paid−$0
Remaining funds due$21,011
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$726.75
Prepaid interest, first (5 days)$238.69
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$36,790Through Dec 2026
Assumption only · ends Nov 2054$312,127
New conventional · ends Jan 2057$375,045