Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,907/mo
Lowest payment- Down payment
- $7,154
- Funds due
- $19,494
- Interest + MI left
- $509,638
- First ends
- Jun 2056
New loan
New conventional
$2,920/mo
+$13/mo- Down payment
- $41,490
- Funds due
- $50,588
- Interest + MI left
- $545,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,746 | $373,410 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,529.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.68 |
| Taxes, insurance & HOA | $316.00 | $316.00 |
| Total housing payment | $2,907.48 | $2,920.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,154
Closing costs & prepaids$12,339
Usable credit−$0
Total buyer cash needed$19,494
Earnest money paid−$0
Remaining funds due$19,494
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.73
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.00
Prepaid interest, first (6 days)$435.67
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 closing29 yr 6 moOf the original 30-year loan at 6.5%
Interest already paid$13,295Through Dec 2026
Assumption only · ends Jun 2056$509,638
New conventional · ends Jan 2057$545,987