Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $28,280
- Funds due
- $37,803
- Interest + MI left
- $283,871
- First ends
- Apr 2054
New loan
New conventional
$1,984/mo
+$134/mo- Down payment
- $27,000
- Funds due
- $34,262
- Interest + MI left
- $368,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $241,720 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,597.54 | $1,682.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.60 |
| Taxes, insurance & HOA | $252.92 | $252.92 |
| Total housing payment | $1,850.46 | $1,984.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,280
Closing costs & prepaids$9,523
Usable credit−$0
Total buyer cash needed$37,803
Earnest money paid−$0
Remaining funds due$37,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,208.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.75
Prepaid interest, first (2 days)$87.95
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 closing27 yr 5 moOf the original 30-year loan at 6.640%
Interest already paid$42,135Through Nov 2026
Assumption only · ends Apr 2054$283,871
New conventional · ends Dec 2056$368,526