Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $5,506
- Funds due
- $15,847
- Interest + MI left
- $312,127
- First ends
- Nov 2054
New loan
New conventional
$2,145/mo
+$6/mo- Down payment
- $27,990
- Funds due
- $35,896
- Interest + MI left
- $368,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,394 | $251,910 |
| Second mortgage | — | — |
| First P&I | $1,750.81 | $1,706.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.38 |
| Taxes, insurance & HOA | $387.92 | $387.92 |
| Total housing payment | $2,138.73 | $2,144.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,506
Closing costs & prepaids$10,341
Usable credit−$0
Total buyer cash needed$15,847
Earnest money paid−$0
Remaining funds due$15,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
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)$713.75
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$368,334