Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,710/mo
Lowest payment- Down payment
- $26,142
- Funds due
- $37,980
- Interest + MI left
- $440,115
- First ends
- Dec 2054
New loan
New conventional
$2,962/mo
+$253/mo- Down payment
- $43,000
- Funds due
- $51,618
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,858 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,504.37 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $205.33 | $205.33 |
| Total housing payment | $2,709.70 | $2,962.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,142
Closing costs & prepaids$11,838
Usable credit−$0
Total buyer cash needed$37,980
Earnest money paid−$0
Remaining funds due$37,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$166.00
Prepaid interest, first (2 days)$134.77
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$47,751Through Nov 2026
Assumption only · ends Dec 2054$440,115
New conventional · ends Dec 2056$586,912