Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,141/mo
Lowest payment- Down payment
- $14,164
- Funds due
- $27,467
- Interest + MI left
- $497,161
- First ends
- Feb 2055
New loan
New conventional
$3,238/mo
+$97/mo- Down payment
- $46,000
- Funds due
- $55,856
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,836 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,789.93 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $350.67 | $350.67 |
| Total housing payment | $3,140.60 | $3,238.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,164
Closing costs & prepaids$13,303
Usable credit−$0
Total buyer cash needed$27,467
Earnest money paid−$0
Remaining funds due$27,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,229.18
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Prepaid interest, first (6 days)$453.65
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 closing28 yr 2 moOf the original 29-year loan at 6.19%
Interest already paid$23,134Through Dec 2026
Assumption only · ends Feb 2055$497,161
New conventional · ends Jan 2057$605,336