Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,833/mo
+$36/mo- Down payment
- $15,948
- Funds due
- $27,827
- Interest + MI left
- $377,783
- First ends
- Jul 2054
New loan
New conventional
$2,796/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $40,305
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $294,052 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,023.60 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $808.92 | $808.92 |
| Total housing payment | $2,832.52 | $2,796.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,948
Closing costs & prepaids$11,879
Usable credit−$0
Total buyer cash needed$27,827
Earnest money paid−$0
Remaining funds due$27,827
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,976.75
Prepaid interest, first (2 days)$114.24
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 7.090%
Interest already paid$49,294Through Nov 2026
Assumption only · ends Jul 2054$377,783
New conventional · ends Dec 2056$423,122