Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,952/mo
Lowest payment- Down payment
- $33,972
- Funds due
- $49,119
- Interest + MI left
- $591,556
- First ends
- Apr 2054
New loan
New conventional
$3,980/mo
+$27/mo- Down payment
- $53,500
- Funds due
- $64,828
- Interest + MI left
- $704,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $501,028 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,331.05 | $3,261.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.30 |
| Taxes, insurance & HOA | $621.42 | $621.42 |
| Total housing payment | $3,952.46 | $3,979.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,972
Closing costs & prepaids$15,147
Usable credit−$0
Total buyer cash needed$49,119
Earnest money paid−$0
Remaining funds due$49,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,505.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,364.25
Prepaid interest, first (5 days)$459.16
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 6.69%
Interest already paid$90,871Through Dec 2026
Assumption only · ends Apr 2054$591,556
New conventional · ends Jan 2057$704,033