Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,876/mo
Lowest payment- Down payment
- $7,900
- Funds due
- $19,899
- Interest + MI left
- $501,882
- First ends
- Dec 2055
New loan
New conventional
$2,979/mo
+$102/mo- Down payment
- $42,800
- Funds due
- $51,487
- Interest + MI left
- $584,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,100 | $385,200 |
| Second mortgage | — | — |
| First P&I | $2,641.78 | $2,667.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.04 |
| Taxes, insurance & HOA | $234.67 | $234.67 |
| Total housing payment | $2,876.45 | $2,978.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,900
Closing costs & prepaids$11,999
Usable credit−$0
Total buyer cash needed$19,899
Earnest money paid−$0
Remaining funds due$19,899
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,100.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$254.00
Prepaid interest, first (2 days)$146.17
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 closing29 yr 1 moOf the original 30-year loan at 6.350%
Interest already paid$24,596Through Nov 2026
Assumption only · ends Dec 2055$501,882
New conventional · ends Dec 2056$584,182