Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,588/mo
Lowest payment- Down payment
- $16,135
- Funds due
- $27,644
- Interest + MI left
- $413,184
- First ends
- Nov 2054
New loan
New conventional
$2,620/mo
+$33/mo- Down payment
- $37,000
- Funds due
- $45,592
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,865 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,289.70 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $298.00 | $298.00 |
| Total housing payment | $2,587.70 | $2,620.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,135
Closing costs & prepaids$11,509
Usable credit−$0
Total buyer cash needed$27,644
Earnest money paid−$0
Remaining funds due$27,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,769.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Prepaid interest, first (6 days)$377.52
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 closing27 yr 11 moOf the original 30-year loan at 6.49%
Interest already paid$48,475Through Dec 2026
Assumption only · ends Nov 2054$413,184
New conventional · ends Jan 2057$486,901