Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,744/mo
Lowest payment- Down payment
- $43,853
- Funds due
- $55,328
- Interest + MI left
- $444,790
- First ends
- Nov 2053
New loan
New conventional
$2,820/mo
+$76/mo- Down payment
- $39,500
- Funds due
- $48,037
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,147 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,456.60 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $287.67 | $287.67 |
| Total housing payment | $2,744.26 | $2,820.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,853
Closing costs & prepaids$11,475
Usable credit−$0
Total buyer cash needed$55,328
Earnest money paid−$0
Remaining funds due$55,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$413.00
Prepaid interest, first (2 days)$138.15
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 yrOf the original 30-year loan at 7.180%
Interest already paid$76,953Through Nov 2026
Assumption only · ends Nov 2053$444,790
New conventional · ends Dec 2056$539,140