Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,637/mo
Lowest payment- Down payment
- $39,818
- Funds due
- $51,483
- Interest + MI left
- $427,157
- First ends
- Nov 2054
New loan
New conventional
$2,906/mo
+$269/mo- Down payment
- $41,400
- Funds due
- $50,008
- Interest + MI left
- $565,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,182 | $372,600 |
| Second mortgage | — | — |
| First P&I | $2,384.94 | $2,579.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.52 |
| Taxes, insurance & HOA | $252.08 | $252.08 |
| Total housing payment | $2,637.02 | $2,906.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,818
Closing costs & prepaids$11,665
Usable credit−$0
Total buyer cash needed$51,483
Earnest money paid−$0
Remaining funds due$51,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,140.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,870.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$306.25
Prepaid interest, first (2 days)$130.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.350%
Interest already paid$48,135Through Nov 2026
Assumption only · ends Nov 2054$427,157
New conventional · ends Dec 2056$565,073