Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
+$7/mo- Down payment
- $12,561
- Funds due
- $22,241
- Interest + MI left
- $300,365
- First ends
- May 2054
New loan
New conventional
$2,004/mo
Lowest payment- Down payment
- $25,590
- Funds due
- $33,005
- Interest + MI left
- $349,281
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $243,339 | $230,310 |
| Second mortgage | — | — |
| First P&I | $1,647.59 | $1,594.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.06 |
| Taxes, insurance & HOA | $363.25 | $363.25 |
| Total housing payment | $2,010.84 | $2,003.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,561
Closing costs & prepaids$9,679
Usable credit−$0
Total buyer cash needed$22,241
Earnest money paid−$0
Remaining funds due$22,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,559.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,216.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$639.75
Prepaid interest, first (1 days)$46.00
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 closing27 yr 6 moOf the original 30-year loan at 6.900%
Interest already paid$42,601Through Nov 2026
Assumption only · ends May 2054$300,365
New conventional · ends Dec 2056$349,281