Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,724/mo
+$111/mo- Down payment
- $753
- Funds due
- $12,344
- Interest + MI left
- $427,777
- First ends
- Apr 2054
New loan
New conventional
$2,614/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,481
- Interest + MI left
- $485,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $368,247 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,426.90 | $2,249.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $297.58 | $297.58 |
| Total housing payment | $2,724.49 | $2,613.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$753
Closing costs & prepaids$11,592
Usable credit−$0
Total buyer cash needed$12,344
Earnest money paid−$0
Remaining funds due$12,344
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,841.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$442.75
Prepaid interest, first (6 days)$399.52
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 4 moOf the original 30-year loan at 6.6%
Interest already paid$65,908Through Dec 2026
Assumption only · ends Apr 2054$427,777
New conventional · ends Jan 2057$485,585