Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,198/mo
Lowest payment- Down payment
- $32,358
- Funds due
- $45,459
- Interest + MI left
- $552,638
- First ends
- Jul 2055
New loan
New conventional
$3,402/mo
+$205/mo- Down payment
- $49,000
- Funds due
- $58,546
- Interest + MI left
- $668,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,642 | $441,000 |
| Second mortgage | — | — |
| First P&I | $2,936.86 | $3,053.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.20 |
| Taxes, insurance & HOA | $260.83 | $260.83 |
| Total housing payment | $3,197.69 | $3,402.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,358
Closing costs & prepaids$13,102
Usable credit−$0
Total buyer cash needed$45,459
Earnest money paid−$0
Remaining funds due$45,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,288.21
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$282.50
Prepaid interest, first (2 days)$163.00
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$39,989Through Nov 2026
Assumption only · ends Jul 2055$552,638
New conventional · ends Dec 2056$668,806