Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,164/mo
+$11/mo- Down payment
- $13,223
- Funds due
- $23,546
- Interest + MI left
- $332,524
- First ends
- Mar 2054
New loan
New conventional
$2,153/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,804
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,777 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,893.89 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,163.89 | $2,153.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,223
Closing costs & prepaids$10,323
Usable credit−$0
Total buyer cash needed$23,546
Earnest money paid−$0
Remaining funds due$23,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,433.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Prepaid interest, first (6 days)$311.61
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 3 moOf the original 30-year loan at 6.61%
Interest already paid$53,041Through Dec 2026
Assumption only · ends Mar 2054$332,524
New conventional · ends Jan 2057$394,785