Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
Lowest payment- Down payment
- $22,139
- Funds due
- $34,252
- Interest + MI left
- $457,117
- First ends
- May 2054
New loan
New conventional
$2,989/mo
+$0/mo- Down payment
- $38,990
- Funds due
- $48,084
- Interest + MI left
- $532,179
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,761 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,499.63 | $2,429.63 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.18 |
| Taxes, insurance & HOA | $489.25 | $489.25 |
| Total housing payment | $2,988.88 | $2,989.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,139
Closing costs & prepaids$12,113
Usable credit−$0
Total buyer cash needed$34,252
Earnest money paid−$0
Remaining funds due$34,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.81
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,017.75
Prepaid interest, first (2 days)$139.85
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 6 moOf the original 30-year loan at 6.940%
Interest already paid$64,750Through Nov 2026
Assumption only · ends May 2054$457,117
New conventional · ends Dec 2056$532,179