Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
+$71/mo- Down payment
- $7,937
- Funds due
- $18,468
- Interest + MI left
- $364,549
- First ends
- Dec 2054
New loan
New conventional
$2,153/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,963
- Interest + MI left
- $394,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,062 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,954.20 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,224.20 | $2,153.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,937
Closing costs & prepaids$10,531
Usable credit−$0
Total buyer cash needed$18,468
Earnest money paid−$0
Remaining funds due$18,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,460.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Prepaid interest, first (9 days)$492.58
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 yrOf the original 30-year loan at 6.84%
Interest already paid$40,425Through Dec 2026
Assumption only · ends Dec 2054$364,549
New conventional · ends Jan 2057$394,783