Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $33,008
- Funds due
- $43,132
- Interest + MI left
- $304,410
- First ends
- Sep 2053
New loan
New conventional
$2,229/mo
+$106/mo- Down payment
- $28,700
- Funds due
- $36,478
- Interest + MI left
- $391,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $253,992 | $258,300 |
| Second mortgage | — | — |
| First P&I | $1,734.17 | $1,788.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $51.66 |
| Taxes, insurance & HOA | $389.17 | $389.17 |
| Total housing payment | $2,123.33 | $2,229.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,008
Closing costs & prepaids$10,123
Usable credit−$0
Total buyer cash needed$43,132
Earnest money paid−$0
Remaining funds due$43,132
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,870.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,269.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$717.50
Prepaid interest, first (1 days)$48.01
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 closing26 yr 10 moOf the original 30-year loan at 6.900%
Interest already paid$56,579Through Nov 2026
Assumption only · ends Sep 2053$304,410
New conventional · ends Dec 2056$391,729