Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,842/mo
+$242/mo- Down payment
- $4,169
- Funds due
- $15,225
- Interest + MI left
- $488,844
- First ends
- Feb 2054
New loan
New conventional
$2,600/mo
Lowest payment- Down payment
- $36,978
- Funds due
- $45,037
- Interest + MI left
- $504,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,608 | $332,799 |
| Second mortgage | — | — |
| First P&I | $2,613.00 | $2,304.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.56 |
| Taxes, insurance & HOA | $229.42 | $229.42 |
| Total housing payment | $2,842.42 | $2,600.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,169
Closing costs & prepaids$11,057
Usable credit−$0
Total buyer cash needed$15,225
Earnest money paid−$0
Remaining funds due$15,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,697.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,828.04
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$238.25
Prepaid interest, first (1 days)$74.52
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 closing27 yr 3 moOf the original 30-year loan at 7.440%
Interest already paid$75,925Through Nov 2026
Assumption only · ends Feb 2054$488,844
New conventional · ends Dec 2056$504,712