Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $25,149
- Funds due
- $34,000
- Interest + MI left
- $257,996
- First ends
- May 2054
New loan
New conventional
$1,714/mo
+$102/mo- Down payment
- $23,900
- Funds due
- $30,658
- Interest + MI left
- $326,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $213,851 | $215,100 |
| Second mortgage | — | — |
| First P&I | $1,429.84 | $1,489.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.02 |
| Taxes, insurance & HOA | $181.58 | $181.58 |
| Total housing payment | $1,611.43 | $1,713.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,149
Closing costs & prepaids$8,851
Usable credit−$0
Total buyer cash needed$34,000
Earnest money paid−$0
Remaining funds due$34,000
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,069.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$94.75
Prepaid interest, first (2 days)$79.33
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 6.770%
Interest already paid$36,747Through Nov 2026
Assumption only · ends May 2054$257,996
New conventional · ends Dec 2056$326,214