Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,712/mo
Lowest payment- Down payment
- $30,464
- Funds due
- $45,121
- Interest + MI left
- $552,234
- First ends
- Nov 2054
New loan
New conventional
$4,014/mo
+$302/mo- Down payment
- $54,000
- Funds due
- $64,789
- 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 | $509,536 | $486,000 |
| Second mortgage | — | — |
| First P&I | $3,160.03 | $3,364.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.20 |
| Taxes, insurance & HOA | $551.92 | $551.92 |
| Total housing payment | $3,711.95 | $4,014.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,464
Closing costs & prepaids$14,656
Usable credit−$0
Total buyer cash needed$45,121
Earnest money paid−$0
Remaining funds due$45,121
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%)$2,547.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,155.75
Prepaid interest, first (1 days)$84.88
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 closing28 yrOf the original 30-year loan at 6.080%
Interest already paid$62,801Through Nov 2026
Assumption only · ends Nov 2054$552,234
New conventional · ends Dec 2056$737,052