Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $24,388
- Funds due
- $34,288
- Interest + MI left
- $336,312
- First ends
- Oct 2055
New loan
New conventional
$2,158/mo
+$160/mo- Down payment
- $30,000
- Funds due
- $37,435
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,612 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,763.47 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $235.00 | $235.00 |
| Total housing payment | $1,998.47 | $2,158.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,388
Closing costs & prepaids$9,900
Usable credit−$0
Total buyer cash needed$34,288
Earnest money paid−$0
Remaining funds due$34,288
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,378.06
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$255.00
Prepaid interest, first (1 days)$49.08
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 closing28 yr 11 moOf the original 30-year loan at 6.500%
Interest already paid$19,538Through Nov 2026
Assumption only · ends Oct 2055$336,312
New conventional · ends Dec 2056$409,473