Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,273/mo
Lowest payment- Down payment
- $40,021
- Funds due
- $51,245
- Interest + MI left
- $338,249
- First ends
- Dec 2054
New loan
New conventional
$2,766/mo
+$493/mo- Down payment
- $40,000
- Funds due
- $48,251
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,979 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,071.89 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $201.17 | $201.17 |
| Total housing payment | $2,273.06 | $2,765.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,021
Closing costs & prepaids$11,224
Usable credit−$0
Total buyer cash needed$51,245
Earnest money paid−$0
Remaining funds due$51,245
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,799.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$153.50
Prepaid interest, first (1 days)$53.01
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 1 moOf the original 30-year loan at 5.375%
Interest already paid$37,633Through Nov 2026
Assumption only · ends Dec 2054$338,249
New conventional · ends Dec 2056$545,964