Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $26,428
- Funds due
- $38,675
- Interest + MI left
- $473,776
- First ends
- Jul 2055
New loan
New conventional
$3,056/mo
+$101/mo- Down payment
- $40,000
- Funds due
- $49,194
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,572 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,463.22 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $491.17 | $491.17 |
| Total housing payment | $2,954.39 | $3,055.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,428
Closing costs & prepaids$12,248
Usable credit−$0
Total buyer cash needed$38,675
Earnest money paid−$0
Remaining funds due$38,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,867.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,023.50
Prepaid interest, first (2 days)$138.58
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 closing28 yr 8 moOf the original 30-year loan at 6.770%
Interest already paid$33,985Through Nov 2026
Assumption only · ends Jul 2055$473,776
New conventional · ends Dec 2056$545,964