Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,226/mo
+$71/mo- Down payment
- $17,217
- Funds due
- $30,129
- Interest + MI left
- $554,741
- First ends
- May 2055
New loan
New conventional
$3,155/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,493
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,783 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,895.96 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 |
| Total housing payment | $3,225.96 | $3,154.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,217
Closing costs & prepaids$12,912
Usable credit−$0
Total buyer cash needed$30,129
Earnest money paid−$0
Remaining funds due$30,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,163.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (6 days)$490.17
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 5 moOf the original 30-year loan at 6.89%
Interest already paid$47,644Through Dec 2026
Assumption only · ends May 2055$554,741
New conventional · ends Jan 2057$592,177