Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,648/mo
Lowest payment- Down payment
- $28,721
- Funds due
- $40,403
- Interest + MI left
- $410,821
- First ends
- Feb 2055
New loan
New conventional
$2,709/mo
+$61/mo- Down payment
- $35,900
- Funds due
- $44,789
- Interest + MI left
- $472,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,279 | $323,100 |
| Second mortgage | — | — |
| First P&I | $2,192.60 | $2,188.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.62 |
| Taxes, insurance & HOA | $455.17 | $455.17 |
| Total housing payment | $2,647.77 | $2,708.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,721
Closing costs & prepaids$11,682
Usable credit−$0
Total buyer cash needed$40,403
Earnest money paid−$0
Remaining funds due$40,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$915.50
Prepaid interest, first (5 days)$306.75
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 closing28 yr 2 moOf the original 30-year loan at 6.78%
Interest already paid$41,500Through Dec 2026
Assumption only · ends Feb 2055$410,821
New conventional · ends Jan 2057$472,426