Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,169/mo
Lowest payment- Down payment
- $30,309
- Funds due
- $40,734
- Interest + MI left
- $284,904
- First ends
- May 2053
New loan
New conventional
$2,314/mo
+$145/mo- Down payment
- $28,950
- Funds due
- $37,009
- Interest + MI left
- $395,142
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $259,191 | $260,550 |
| Second mortgage | — | — |
| First P&I | $1,710.99 | $1,804.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.11 |
| Taxes, insurance & HOA | $457.75 | $457.75 |
| Total housing payment | $2,168.74 | $2,313.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,309
Closing costs & prepaids$10,425
Usable credit−$0
Total buyer cash needed$40,734
Earnest money paid−$0
Remaining funds due$40,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,295.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$923.25
Prepaid interest, first (2 days)$92.31
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 closing26 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$60,355Through Nov 2026
Assumption only · ends May 2053$284,904
New conventional · ends Dec 2056$395,142