Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
+$3/mo- Down payment
- $2,781
- Funds due
- $11,693
- Interest + MI left
- $251,528
- First ends
- May 2055
New loan
New conventional
$1,654/mo
Lowest payment- Down payment
- $20,760
- Funds due
- $27,648
- Interest + MI left
- $283,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $204,819 | $186,840 |
| Second mortgage | — | — |
| First P&I | $1,334.35 | $1,293.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $37.37 |
| Taxes, insurance & HOA | $323.00 | $323.00 |
| Total housing payment | $1,657.35 | $1,654.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,781
Closing costs & prepaids$8,912
Usable credit−$0
Total buyer cash needed$11,693
Earnest money paid−$0
Remaining funds due$11,693
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,076.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,024.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$519.00
Prepaid interest, first (2 days)$74.41
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 6 moOf the original 30-year loan at 6.630%
Interest already paid$20,554Through Nov 2026
Assumption only · ends May 2055$251,528
New conventional · ends Dec 2056$283,355