Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,661/mo
Lowest payment- Down payment
- $37,300
- Funds due
- $51,422
- Interest + MI left
- $575,328
- First ends
- Jun 2054
New loan
New conventional
$3,782/mo
+$121/mo- Down payment
- $51,500
- Funds due
- $61,937
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $477,700 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,181.35 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $479.67 | $479.67 |
| Total housing payment | $3,661.02 | $3,781.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,300
Closing costs & prepaids$14,122
Usable credit−$0
Total buyer cash needed$51,422
Earnest money paid−$0
Remaining funds due$51,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,388.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$939.00
Prepaid interest, first (2 days)$176.42
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 7 moOf the original 30-year loan at 6.740%
Interest already paid$78,959Through Nov 2026
Assumption only · ends Jun 2054$575,328
New conventional · ends Dec 2056$702,929