Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,705/mo
Lowest payment- Down payment
- $33,348
- Funds due
- $44,569
- Interest + MI left
- $426,842
- First ends
- Feb 2053
New loan
New conventional
$2,747/mo
+$42/mo- Down payment
- $39,900
- Funds due
- $48,105
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,652 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,515.85 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $188.67 | $188.67 |
| Total housing payment | $2,704.52 | $2,746.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,348
Closing costs & prepaids$11,221
Usable credit−$0
Total buyer cash needed$44,569
Earnest money paid−$0
Remaining funds due$44,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,828.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$116.00
Prepaid interest, first (1 days)$69.12
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 closing26 yr 3 moOf the original 30-year loan at 6.900%
Interest already paid$96,865Through Nov 2026
Assumption only · ends Feb 2053$426,842
New conventional · ends Dec 2056$544,599