Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $21,366
- Funds due
- $33,455
- Interest + MI left
- $458,957
- First ends
- Dec 2055
New loan
New conventional
$3,011/mo
+$147/mo- Down payment
- $39,490
- Funds due
- $48,528
- Interest + MI left
- $539,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,534 | $355,410 |
| Second mortgage | — | — |
| First P&I | $2,385.36 | $2,460.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.08 |
| Taxes, insurance & HOA | $479.08 | $479.08 |
| Total housing payment | $2,864.44 | $3,010.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,366
Closing costs & prepaids$12,088
Usable credit−$0
Total buyer cash needed$33,455
Earnest money paid−$0
Remaining funds due$33,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,867.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$987.25
Prepaid interest, first (1 days)$66.52
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 closing29 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$22,383Through Nov 2026
Assumption only · ends Dec 2055$458,957
New conventional · ends Dec 2056$539,003