Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,774/mo
Lowest payment- Down payment
- $927
- Funds due
- $15,329
- Interest + MI left
- $644,016
- First ends
- Dec 2055
New loan
New conventional
$3,846/mo
+$72/mo- Down payment
- $54,000
- Funds due
- $64,383
- Interest + MI left
- $737,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $539,073 | $486,000 |
| Second mortgage | — | — |
| First P&I | $3,389.94 | $3,364.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.20 |
| Taxes, insurance & HOA | $383.58 | $383.58 |
| Total housing payment | $3,773.52 | $3,845.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$927
Closing costs & prepaids$14,402
Usable credit−$0
Total buyer cash needed$15,329
Earnest money paid−$0
Remaining funds due$15,329
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,695.36
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$650.75
Prepaid interest, first (2 days)$187.57
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 closing29 yr 1 moOf the original 30-year loan at 6.350%
Interest already paid$31,562Through Nov 2026
Assumption only · ends Dec 2055$644,016
New conventional · ends Dec 2056$737,052