Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,155/mo
Lowest payment- Down payment
- $22,583
- Funds due
- $35,587
- Interest + MI left
- $434,703
- First ends
- Jul 2053
New loan
New conventional
$3,215/mo
+$59/mo- Down payment
- $43,000
- Funds due
- $52,772
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,417 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,639.87 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $515.50 | $515.50 |
| Total housing payment | $3,155.37 | $3,214.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,583
Closing costs & prepaids$13,004
Usable credit−$0
Total buyer cash needed$35,587
Earnest money paid−$0
Remaining funds due$35,587
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,037.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,096.50
Prepaid interest, first (5 days)$352.72
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 7 moOf the original 30-year loan at 6.32%
Interest already paid$90,056Through Dec 2026
Assumption only · ends Jul 2053$434,703
New conventional · ends Jan 2057$565,858