Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,714/mo
Lowest payment- Down payment
- $21,655
- Funds due
- $33,881
- Interest + MI left
- $453,074
- First ends
- May 2056
New loan
New conventional
$2,921/mo
+$207/mo- Down payment
- $41,500
- Funds due
- $50,599
- Interest + MI left
- $546,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,345 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,397.79 | $2,530.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $316.00 | $316.00 |
| Total housing payment | $2,713.79 | $2,920.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,655
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$33,881
Earnest money paid−$0
Remaining funds due$33,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.73
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)$393.78
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 5 moOf the original 30-year loan at 6.09%
Interest already paid$14,030Through Dec 2026
Assumption only · ends May 2056$453,074
New conventional · ends Jan 2057$546,119