Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,646/mo
Lowest payment- Down payment
- $49,224
- Funds due
- $63,318
- Interest + MI left
- $591,645
- First ends
- Sep 2054
New loan
New conventional
$3,799/mo
+$153/mo- Down payment
- $52,000
- Funds due
- $62,439
- Interest + MI left
- $709,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,776 | $468,000 |
| Second mortgage | — | — |
| First P&I | $3,180.90 | $3,240.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.60 |
| Taxes, insurance & HOA | $464.75 | $464.75 |
| Total housing payment | $3,645.65 | $3,798.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,224
Closing costs & prepaids$14,095
Usable credit−$0
Total buyer cash needed$63,318
Earnest money paid−$0
Remaining funds due$63,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,353.88
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$894.25
Prepaid interest, first (2 days)$178.51
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$71,480Through Nov 2026
Assumption only · ends Sep 2054$591,645
New conventional · ends Dec 2056$709,753