Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,267/mo
Lowest payment- Down payment
- $27,080
- Funds due
- $37,638
- Interest + MI left
- $347,406
- First ends
- Feb 2055
New loan
New conventional
$2,395/mo
+$128/mo- Down payment
- $30,990
- Funds due
- $39,035
- Interest + MI left
- $422,986
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,820 | $278,910 |
| Second mortgage | — | — |
| First P&I | $1,859.08 | $1,931.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.78 |
| Taxes, insurance & HOA | $408.25 | $408.25 |
| Total housing payment | $2,267.33 | $2,395.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,080
Closing costs & prepaids$10,558
Usable credit−$0
Total buyer cash needed$37,638
Earnest money paid−$0
Remaining funds due$37,638
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,414.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$774.75
Prepaid interest, first (1 days)$51.84
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 closing28 yr 3 moOf the original 30-year loan at 6.690%
Interest already paid$33,460Through Nov 2026
Assumption only · ends Feb 2055$347,406
New conventional · ends Dec 2056$422,986