Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
+$24/mo- Down payment
- $29,316
- Funds due
- $40,694
- Interest + MI left
- $457,559
- First ends
- Dec 2053
New loan
New conventional
$2,753/mo
Lowest payment- Down payment
- $38,800
- Funds due
- $47,204
- Interest + MI left
- $529,585
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,684 | $349,200 |
| Second mortgage | — | — |
| First P&I | $2,511.52 | $2,417.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.84 |
| Taxes, insurance & HOA | $265.17 | $265.17 |
| Total housing payment | $2,776.68 | $2,752.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,316
Closing costs & prepaids$11,378
Usable credit−$0
Total buyer cash needed$40,694
Earnest money paid−$0
Remaining funds due$40,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$345.50
Prepaid interest, first (2 days)$141.51
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 1 moOf the original 30-year loan at 7.200%
Interest already paid$76,587Through Nov 2026
Assumption only · ends Dec 2053$457,559
New conventional · ends Dec 2056$529,585