Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,880/mo
Lowest payment- Down payment
- $7,535
- Funds due
- $19,417
- Interest + MI left
- $483,992
- First ends
- Feb 2055
New loan
New conventional
$2,928/mo
+$48/mo- Down payment
- $42,000
- Funds due
- $50,614
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,465 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,644.42 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $235.25 | $235.25 |
| Total housing payment | $2,879.67 | $2,928.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,535
Closing costs & prepaids$11,882
Usable credit−$0
Total buyer cash needed$19,417
Earnest money paid−$0
Remaining funds due$19,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,062.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$255.75
Prepaid interest, first (2 days)$145.55
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 3 moOf the original 30-year loan at 6.440%
Interest already paid$46,998Through Nov 2026
Assumption only · ends Feb 2055$483,992
New conventional · ends Dec 2056$573,262