Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,369/mo
Lowest payment- Down payment
- $16,700
- Funds due
- $27,718
- Interest + MI left
- $354,639
- First ends
- Feb 2055
New loan
New conventional
$2,431/mo
+$62/mo- Down payment
- $32,000
- Funds due
- $40,404
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,300 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,946.57 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $422.00 | $422.00 |
| Total housing payment | $2,368.57 | $2,430.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,700
Closing costs & prepaids$11,018
Usable credit−$0
Total buyer cash needed$27,718
Earnest money paid−$0
Remaining funds due$27,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,516.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$816.00
Prepaid interest, first (5 days)$267.57
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 6.44%
Interest already paid$36,225Through Dec 2026
Assumption only · ends Feb 2055$354,639
New conventional · ends Jan 2057$421,104