Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,380/mo
Lowest payment- Down payment
- $37,428
- Funds due
- $50,836
- Interest + MI left
- $589,647
- First ends
- Oct 2055
New loan
New conventional
$3,553/mo
+$173/mo- Down payment
- $50,000
- Funds due
- $59,808
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,571 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,032.33 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $347.25 | $347.25 |
| Total housing payment | $3,379.58 | $3,552.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,428
Closing costs & prepaids$13,408
Usable credit−$0
Total buyer cash needed$50,836
Earnest money paid−$0
Remaining funds due$50,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.85
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$541.75
Prepaid interest, first (1 days)$85.42
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 closing28 yr 11 moOf the original 30-year loan at 6.740%
Interest already paid$33,991Through Nov 2026
Assumption only · ends Oct 2055$589,647
New conventional · ends Dec 2056$682,454