Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,181/mo
Lowest payment- Down payment
- $27,054
- Funds due
- $39,901
- Interest + MI left
- $554,927
- First ends
- Aug 2055
New loan
New conventional
$3,267/mo
+$86/mo- Down payment
- $46,000
- Funds due
- $55,435
- Interest + MI left
- $627,857
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,945 | $413,999 |
| Second mortgage | — | — |
| First P&I | $2,863.40 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $317.33 | $317.33 |
| Total housing payment | $3,180.73 | $3,266.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,054
Closing costs & prepaids$12,846
Usable credit−$0
Total buyer cash needed$39,901
Earnest money paid−$0
Remaining funds due$39,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,164.72
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$452.00
Prepaid interest, first (2 days)$161.55
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 closing28 yr 9 moOf the original 30-year loan at 6.810%
Interest already paid$37,123Through Nov 2026
Assumption only · ends Aug 2055$554,927
New conventional · ends Dec 2056$627,857