Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,270/mo
Lowest payment- Down payment
- $19,745
- Funds due
- $35,460
- Interest + MI left
- $659,836
- First ends
- Dec 2054
New loan
New conventional
$4,367/mo
+$97/mo- Down payment
- $57,980
- Funds due
- $69,534
- Interest + MI left
- $791,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $560,055 | $521,820 |
| Second mortgage | — | — |
| First P&I | $3,619.85 | $3,612.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.36 |
| Taxes, insurance & HOA | $649.83 | $649.83 |
| Total housing payment | $4,269.69 | $4,367.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,745
Closing costs & prepaids$15,715
Usable credit−$0
Total buyer cash needed$35,460
Earnest money paid−$0
Remaining funds due$35,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,798.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,800.28
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,449.50
Prepaid interest, first (2 days)$199.47
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$70,612Through Nov 2026
Assumption only · ends Dec 2054$659,836
New conventional · ends Dec 2056$791,375