Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
+$41/mo- Down payment
- $6,747
- Funds due
- $16,396
- Interest + MI left
- $299,089
- First ends
- May 2054
New loan
New conventional
$1,960/mo
Lowest payment- Down payment
- $24,990
- Funds due
- $32,380
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $243,153 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,643.16 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.98 |
| Taxes, insurance & HOA | $358.25 | $358.25 |
| Total housing payment | $2,001.41 | $1,960.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,747
Closing costs & prepaids$9,649
Usable credit−$0
Total buyer cash needed$16,396
Earnest money paid−$0
Remaining funds due$16,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,215.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$624.75
Prepaid interest, first (2 days)$91.67
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 yr 6 moOf the original 30-year loan at 6.880%
Interest already paid$42,448Through Nov 2026
Assumption only · ends May 2054$299,089
New conventional · ends Dec 2056$341,091