Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,676/mo
+$196/mo- Down payment
- $0
- Funds due
- $11,324
- Interest + MI left
- $419,305
- First ends
- Mar 2054
New loan
New conventional
$2,480/mo
Lowest payment- Down payment
- $34,900
- Funds due
- $43,255
- Interest + MI left
- $459,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,965 | $314,100 |
| Second mortgage | — | — |
| First P&I | $2,386.15 | $2,127.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.82 |
| Taxes, insurance & HOA | $289.58 | $289.58 |
| Total housing payment | $2,675.73 | $2,480.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$11,324
Earnest money paid−$0
Remaining funds due$11,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,804.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$418.75
Prepaid interest, first (6 days)$392.81
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 6.62%
Interest already paid$66,861Through Dec 2026
Assumption only · ends Mar 2054$419,305
New conventional · ends Jan 2057$459,266