Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,056/mo
Lowest payment- Down payment
- $28,252
- Funds due
- $38,450
- Interest + MI left
- $243,912
- First ends
- Sep 2053
New loan
New conventional
$2,163/mo
+$107/mo- Down payment
- $23,500
- Funds due
- $31,645
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $206,748 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,399.57 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $42.30 |
| Taxes, insurance & HOA | $656.33 | $656.33 |
| Total housing payment | $2,055.90 | $2,163.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,252
Closing costs & prepaids$10,198
Usable credit−$0
Total buyer cash needed$38,450
Earnest money paid−$0
Remaining funds due$38,450
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,033.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,519.00
Prepaid interest, first (2 days)$77.15
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 closing26 yr 10 moOf the original 30-year loan at 6.810%
Interest already paid$45,469Through Nov 2026
Assumption only · ends Sep 2053$243,912
New conventional · ends Dec 2056$320,754