Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,255/mo
Lowest payment- Down payment
- $35,856
- Funds due
- $46,526
- Interest + MI left
- $353,163
- First ends
- Apr 2055
New loan
New conventional
$2,339/mo
+$84/mo- Down payment
- $30,900
- Funds due
- $39,111
- Interest + MI left
- $401,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,144 | $278,100 |
| Second mortgage | — | — |
| First P&I | $1,842.08 | $1,870.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.62 |
| Taxes, insurance & HOA | $412.67 | $412.67 |
| Total housing payment | $2,254.75 | $2,339.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,856
Closing costs & prepaids$10,670
Usable credit−$0
Total buyer cash needed$46,526
Earnest money paid−$0
Remaining funds due$46,526
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,365.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$788.00
Prepaid interest, first (4 days)$208.34
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 closing28 yr 4 moOf the original 30-year loan at 6.96%
Interest already paid$31,986Through Dec 2026
Assumption only · ends Apr 2055$353,163
New conventional · ends Jan 2057$401,894