Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,899/mo
Lowest payment- Down payment
- $26,205
- Funds due
- $38,505
- Interest + MI left
- $749,616
- First ends
- Aug 2064
New loan
New conventional
$3,109/mo
+$211/mo- Down payment
- $43,000
- Funds due
- $52,059
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,795 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,546.16 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $352.42 | $352.42 |
| Total housing payment | $2,898.58 | $3,109.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,205
Closing costs & prepaids$12,300
Usable credit−$0
Total buyer cash needed$38,505
Earnest money paid−$0
Remaining funds due$38,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,018.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$607.25
Prepaid interest, first (2 days)$155.54
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 closing37 yr 9 moOf the original 40-year loan at 7.030%
Interest already paid$64,249Through Nov 2026
Assumption only · ends Aug 2064$749,616
New conventional · ends Dec 2056$586,912