Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,343/mo
Lowest payment- Down payment
- $25,967
- Funds due
- $36,812
- Interest + MI left
- $331,438
- First ends
- Sep 2053
New loan
New conventional
$2,381/mo
+$38/mo- Down payment
- $31,300
- Funds due
- $39,617
- Interest + MI left
- $411,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $287,033 | $281,700 |
| Second mortgage | — | — |
| First P&I | $1,926.70 | $1,908.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.34 |
| Taxes, insurance & HOA | $416.08 | $416.08 |
| Total housing payment | $2,342.78 | $2,380.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,967
Closing costs & prepaids$10,845
Usable credit−$0
Total buyer cash needed$36,812
Earnest money paid−$0
Remaining funds due$36,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,130.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,435.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$798.25
Prepaid interest, first (5 days)$263.83
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 closing26 yr 9 moOf the original 30-year loan at 6.71%
Interest already paid$63,897Through Dec 2026
Assumption only · ends Sep 2053$331,438
New conventional · ends Jan 2057$411,892