Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,104/mo
Lowest payment- Down payment
- $21,371
- Funds due
- $33,840
- Interest + MI left
- $478,918
- First ends
- Apr 2055
New loan
New conventional
$3,137/mo
+$32/mo- Down payment
- $39,500
- Funds due
- $48,915
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,629 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,500.14 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $604.33 | $604.33 |
| Total housing payment | $3,104.47 | $3,136.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,371
Closing costs & prepaids$12,470
Usable credit−$0
Total buyer cash needed$33,840
Earnest money paid−$0
Remaining funds due$33,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,868.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,363.00
Prepaid interest, first (1 days)$70.53
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 5 moOf the original 30-year loan at 6.890%
Interest already paid$41,132Through Nov 2026
Assumption only · ends Apr 2055$478,918
New conventional · ends Dec 2056$539,140