Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,506/mo
+$260/mo- Down payment
- $16,784
- Funds due
- $29,550
- Interest + MI left
- $602,798
- First ends
- Jan 2054
New loan
New conventional
$3,246/mo
Lowest payment- Down payment
- $45,990
- Funds due
- $55,280
- Interest + MI left
- $627,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $443,116 | $413,910 |
| Second mortgage | — | — |
| First P&I | $3,208.33 | $2,865.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.78 |
| Taxes, insurance & HOA | $297.33 | $297.33 |
| Total housing payment | $3,505.66 | $3,245.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,784
Closing costs & prepaids$12,766
Usable credit−$0
Total buyer cash needed$29,550
Earnest money paid−$0
Remaining funds due$29,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,215.58
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$392.00
Prepaid interest, first (1 days)$91.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing27 yr 2 moOf the original 30-year loan at 7.570%
Interest already paid$96,480Through Nov 2026
Assumption only · ends Jan 2054$602,798
New conventional · ends Dec 2056$627,722