Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,778/mo
+$58/mo- Down payment
- $10,644
- Funds due
- $22,446
- Interest + MI left
- $409,951
- First ends
- May 2053
New loan
New conventional
$2,721/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $47,261
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,356 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,474.15 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $304.00 | $304.00 |
| Total housing payment | $2,778.15 | $2,720.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,644
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$22,446
Earnest money paid−$0
Remaining funds due$22,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,871.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Prepaid interest, first (6 days)$400.00
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 closing26 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$89,306Through Dec 2026
Assumption only · ends May 2053$409,951
New conventional · ends Jan 2057$506,640