Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,314/mo
Lowest payment- Down payment
- $23,664
- Funds due
- $36,889
- Interest + MI left
- $440,732
- First ends
- Jul 2054
New loan
New conventional
$3,350/mo
+$36/mo- Down payment
- $38,000
- Funds due
- $48,274
- Interest + MI left
- $518,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,336 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,400.81 | $2,367.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $913.50 | $913.50 |
| Total housing payment | $3,314.31 | $3,349.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,664
Closing costs & prepaids$13,224
Usable credit−$0
Total buyer cash needed$36,889
Earnest money paid−$0
Remaining funds due$36,889
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,781.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,290.50
Prepaid interest, first (2 days)$134.14
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 8 moOf the original 30-year loan at 6.870%
Interest already paid$57,913Through Nov 2026
Assumption only · ends Jul 2054$440,732
New conventional · ends Dec 2056$518,666