Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,300/mo
Lowest payment- Down payment
- $32,816
- Funds due
- $46,790
- Interest + MI left
- $550,159
- First ends
- Jul 2055
New loan
New conventional
$3,438/mo
+$139/mo- Down payment
- $49,000
- Funds due
- $59,454
- Interest + MI left
- $644,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,184 | $441,000 |
| Second mortgage | — | — |
| First P&I | $2,936.86 | $2,987.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.20 |
| Taxes, insurance & HOA | $362.67 | $362.67 |
| Total housing payment | $3,299.53 | $3,438.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,816
Closing costs & prepaids$13,975
Usable credit−$0
Total buyer cash needed$46,790
Earnest money paid−$0
Remaining funds due$46,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,285.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Prepaid interest, first (9 days)$732.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing28 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$42,468Through Dec 2026
Assumption only · ends Jul 2055$550,159
New conventional · ends Jan 2057$644,815