Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,618/mo
Lowest payment- Down payment
- $27,252
- Funds due
- $38,547
- Interest + MI left
- $423,295
- First ends
- Apr 2054
New loan
New conventional
$2,726/mo
+$108/mo- Down payment
- $38,900
- Funds due
- $47,215
- Interest + MI left
- $530,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,748 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,386.15 | $2,424.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.02 |
| Taxes, insurance & HOA | $232.25 | $232.25 |
| Total housing payment | $2,618.40 | $2,726.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,252
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$38,547
Earnest money paid−$0
Remaining funds due$38,547
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,808.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$246.75
Prepaid interest, first (2 days)$131.22
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 5 moOf the original 30-year loan at 6.620%
Interest already paid$62,872Through Nov 2026
Assumption only · ends Apr 2054$423,295
New conventional · ends Dec 2056$530,950