Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,681/mo
Lowest payment- Down payment
- $14,853
- Funds due
- $26,398
- Interest + MI left
- $351,587
- First ends
- Apr 2053
New loan
New conventional
$2,758/mo
+$78/mo- Down payment
- $35,000
- Funds due
- $43,732
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,147 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,166.35 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $514.50 | $514.50 |
| Total housing payment | $2,680.85 | $2,758.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,853
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$26,398
Earnest money paid−$0
Remaining funds due$26,398
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,675.73
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,093.50
Prepaid interest, first (1 days)$57.57
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$77,200Through Nov 2026
Assumption only · ends Apr 2053$351,587
New conventional · ends Dec 2056$477,719