Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,191/mo
+$14/mo- Down payment
- $13,209
- Funds due
- $25,758
- Interest + MI left
- $451,471
- First ends
- Jun 2053
New loan
New conventional
$3,177/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $50,835
- Interest + MI left
- $566,436
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,790 | $373,499 |
| Second mortgage | — | — |
| First P&I | $2,674.80 | $2,586.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $516.42 | $516.42 |
| Total housing payment | $3,191.22 | $3,177.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,209
Closing costs & prepaids$12,549
Usable credit−$0
Total buyer cash needed$25,758
Earnest money paid−$0
Remaining funds due$25,758
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,008.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,099.25
Prepaid interest, first (1 days)$72.65
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 closing26 yr 7 moOf the original 30-year loan at 6.600%
Interest already paid$92,642Through Nov 2026
Assumption only · ends Jun 2053$451,471
New conventional · ends Dec 2056$566,436