Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,020/mo
Lowest payment- Down payment
- $10,041
- Funds due
- $21,568
- Interest + MI left
- $198,643
- First ends
- Jul 2054
New loan
New conventional
$2,687/mo
+$667/mo- Down payment
- $37,990
- Funds due
- $46,694
- Interest + MI left
- $499,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,859 | $341,910 |
| Second mortgage | — | — |
| First P&I | $1,717.53 | $2,316.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $302.00 | $302.00 |
| Total housing payment | $2,019.53 | $2,686.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,041
Closing costs & prepaids$11,527
Usable credit−$0
Total buyer cash needed$21,568
Earnest money paid−$0
Remaining funds due$21,568
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,849.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Prepaid interest, first (6 days)$204.89
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 3.37%
Interest already paid$30,928Through Dec 2026
Assumption only · ends Jul 2054$198,643
New conventional · ends Jan 2057$499,929