Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,151/mo
+$110/mo- Down payment
- $11,710
- Funds due
- $24,357
- Interest + MI left
- $514,640
- First ends
- Jul 2054
New loan
New conventional
$3,041/mo
Lowest payment- Down payment
- $43,300
- Funds due
- $52,601
- Interest + MI left
- $569,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,290 | $389,700 |
| Second mortgage | — | — |
| First P&I | $2,827.58 | $2,639.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.94 |
| Taxes, insurance & HOA | $323.17 | $323.17 |
| Total housing payment | $3,150.75 | $3,041.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,710
Closing costs & prepaids$12,646
Usable credit−$0
Total buyer cash needed$24,357
Earnest money paid−$0
Remaining funds due$24,357
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,330.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,106.45
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$519.50
Prepaid interest, first (6 days)$472.31
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 7 moOf the original 30-year loan at 6.82%
Interest already paid$70,447Through Dec 2026
Assumption only · ends Jul 2054$514,640
New conventional · ends Jan 2057$569,806