Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,404/mo
Lowest payment- Down payment
- $12,234
- Funds due
- $22,841
- Interest + MI left
- $354,787
- First ends
- May 2053
New loan
New conventional
$2,421/mo
+$17/mo- Down payment
- $33,500
- Funds due
- $41,370
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,766 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,130.67 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $272.83 | $272.83 |
| Total housing payment | $2,403.50 | $2,420.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,234
Closing costs & prepaids$10,608
Usable credit−$0
Total buyer cash needed$22,841
Earnest money paid−$0
Remaining funds due$22,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,613.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$368.50
Prepaid interest, first (1 days)$57.48
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 closing26 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$75,160Through Nov 2026
Assumption only · ends May 2053$354,787
New conventional · ends Dec 2056$457,245