Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,262/mo
Lowest payment- Down payment
- $13,677
- Funds due
- $26,969
- Interest + MI left
- $499,463
- First ends
- Feb 2055
New loan
New conventional
$3,422/mo
+$159/mo- Down payment
- $46,000
- Funds due
- $55,816
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,323 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,789.93 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $472.33 | $472.33 |
| Total housing payment | $3,262.26 | $3,421.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,677
Closing costs & prepaids$13,292
Usable credit−$0
Total buyer cash needed$26,969
Earnest money paid−$0
Remaining funds due$26,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,231.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$917.00
Prepaid interest, first (1 days)$75.69
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 3 moOf the original 29-year loan at 6.190%
Interest already paid$20,832Through Nov 2026
Assumption only · ends Feb 2055$499,463
New conventional · ends Dec 2056$627,859