Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,250/mo
Lowest payment- Down payment
- $13,742
- Funds due
- $24,225
- Interest + MI left
- $313,983
- First ends
- Apr 2053
New loan
New conventional
$2,345/mo
+$95/mo- Down payment
- $32,000
- Funds due
- $39,852
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,258 | $288,000 |
| Second mortgage | — | — |
| First P&I | $1,956.60 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $293.50 | $293.50 |
| Total housing payment | $2,250.10 | $2,345.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,742
Closing costs & prepaids$10,483
Usable credit−$0
Total buyer cash needed$24,225
Earnest money paid−$0
Remaining funds due$24,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,531.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$430.50
Prepaid interest, first (2 days)$103.20
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 closing26 yr 5 moOf the original 30-year loan at 6.150%
Interest already paid$69,232Through Nov 2026
Assumption only · ends Apr 2053$313,983
New conventional · ends Dec 2056$436,771