Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,243/mo
Lowest payment- Down payment
- $30,381
- Funds due
- $43,856
- Interest + MI left
- $476,186
- First ends
- Jul 2053
New loan
New conventional
$3,338/mo
+$95/mo- Down payment
- $47,500
- Funds due
- $57,525
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,619 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,886.54 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $356.67 | $356.67 |
| Total housing payment | $3,243.20 | $3,338.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,381
Closing costs & prepaids$13,474
Usable credit−$0
Total buyer cash needed$43,856
Earnest money paid−$0
Remaining funds due$43,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,223.09
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$463.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing26 yr 7 moOf the original 30-year loan at 6.34%
Interest already paid$98,582Through Dec 2026
Assumption only · ends Jul 2053$476,186
New conventional · ends Jan 2057$625,076