Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
Lowest payment- Down payment
- $11,939
- Funds due
- $23,253
- Interest + MI left
- $368,991
- First ends
- May 2054
New loan
New conventional
$2,642/mo
+$17/mo- Down payment
- $32,500
- Funds due
- $41,133
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $313,061 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,066.82 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $557.92 | $557.92 |
| Total housing payment | $2,624.74 | $2,641.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,939
Closing costs & prepaids$11,314
Usable credit−$0
Total buyer cash needed$23,253
Earnest money paid−$0
Remaining funds due$23,253
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,565.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,223.75
Prepaid interest, first (1 days)$56.95
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$52,780Through Nov 2026
Assumption only · ends May 2054$368,991
New conventional · ends Dec 2056$443,596