Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,380/mo
+$58/mo- Down payment
- $144
- Funds due
- $10,663
- Interest + MI left
- $351,909
- First ends
- Apr 2054
New loan
New conventional
$2,322/mo
Lowest payment- Down payment
- $29,980
- Funds due
- $37,907
- Interest + MI left
- $409,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,656 | $269,820 |
| Second mortgage | — | — |
| First P&I | $1,980.44 | $1,868.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.96 |
| Taxes, insurance & HOA | $399.83 | $399.83 |
| Total housing payment | $2,380.27 | $2,321.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$144
Closing costs & prepaids$10,518
Usable credit−$0
Total buyer cash needed$10,663
Earnest money paid−$0
Remaining funds due$10,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,998.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,498.28
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$749.50
Prepaid interest, first (1 days)$54.51
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$52,234Through Nov 2026
Assumption only · ends Apr 2054$351,909
New conventional · ends Dec 2056$409,200