Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,245/mo
+$37/mo- Down payment
- $13,475
- Funds due
- $23,732
- Interest + MI left
- $337,151
- First ends
- Jul 2054
New loan
New conventional
$2,208/mo
Lowest payment- Down payment
- $27,590
- Funds due
- $35,465
- Interest + MI left
- $376,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $262,425 | $248,310 |
| Second mortgage | — | — |
| First P&I | $1,805.95 | $1,719.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.66 |
| Taxes, insurance & HOA | $438.67 | $438.67 |
| Total housing payment | $2,244.62 | $2,207.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,475
Closing costs & prepaids$10,257
Usable credit−$0
Total buyer cash needed$23,732
Earnest money paid−$0
Remaining funds due$23,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,759.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$866.00
Prepaid interest, first (2 days)$101.95
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 8 moOf the original 30-year loan at 7.090%
Interest already paid$43,992Through Nov 2026
Assumption only · ends Jul 2054$337,151
New conventional · ends Dec 2056$376,579