Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
+$23/mo- Down payment
- $16,154
- Funds due
- $26,565
- Interest + MI left
- $348,537
- First ends
- Aug 2054
New loan
New conventional
$2,277/mo
Lowest payment- Down payment
- $28,600
- Funds due
- $36,582
- Interest + MI left
- $390,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $269,846 | $257,400 |
| Second mortgage | — | — |
| First P&I | $1,857.01 | $1,782.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $51.48 |
| Taxes, insurance & HOA | $443.00 | $443.00 |
| Total housing payment | $2,300.01 | $2,276.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,154
Closing costs & prepaids$10,411
Usable credit−$0
Total buyer cash needed$26,565
Earnest money paid−$0
Remaining funds due$26,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,860.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,349.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$879.00
Prepaid interest, first (2 days)$104.98
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 9 moOf the original 30-year loan at 7.100%
Interest already paid$43,658Through Nov 2026
Assumption only · ends Aug 2054$348,537
New conventional · ends Dec 2056$390,364