Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
+$2,038/mo- Down payment
- $0
- Funds due
- $9,528
- Interest + MI left
- $501,806
- First ends
- Nov 2054
New loan
New conventional
$985/mo
Lowest payment- Down payment
- $12,500
- Funds due
- $18,399
- Interest + MI left
- $164,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $443,651 | $112,500 |
| Second mortgage | — | — |
| First P&I | $2,822.26 | $762.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $22.50 |
| Taxes, insurance & HOA | $200.00 | $200.00 |
| Total housing payment | $3,022.26 | $984.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,528
Usable credit−$0
Total buyer cash needed$9,528
Earnest money paid−$0
Remaining funds due$9,528
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,218.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$150.00
Prepaid interest, first (9 days)$691.37
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 closing27 yr 11 moOf the original 30-year loan at 6.32%
Interest already paid$59,207Through Dec 2026
Assumption only · ends Nov 2054$501,806
New conventional · ends Jan 2057$164,494