Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,744/mo
Lowest payment- Down payment
- $41,725
- Funds due
- $53,716
- Interest + MI left
- $431,715
- First ends
- Nov 2054
New loan
New conventional
$3,026/mo
+$282/mo- Down payment
- $41,990
- Funds due
- $50,899
- Interest + MI left
- $573,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,175 | $377,910 |
| Second mortgage | — | — |
| First P&I | $2,410.39 | $2,616.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.58 |
| Taxes, insurance & HOA | $333.83 | $333.83 |
| Total housing payment | $2,744.22 | $3,025.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,725
Closing costs & prepaids$11,991
Usable credit−$0
Total buyer cash needed$53,716
Earnest money paid−$0
Remaining funds due$53,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,890.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$551.50
Prepaid interest, first (2 days)$131.58
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$48,649Through Nov 2026
Assumption only · ends Nov 2054$431,715
New conventional · ends Dec 2056$573,126