Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,397/mo
+$26/mo- Down payment
- $10,358
- Funds due
- $24,302
- Interest + MI left
- $551,230
- First ends
- Dec 2054
New loan
New conventional
$3,371/mo
Lowest payment- Down payment
- $47,990
- Funds due
- $58,325
- Interest + MI left
- $631,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,542 | $431,910 |
| Second mortgage | — | — |
| First P&I | $3,038.01 | $2,925.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.38 |
| Taxes, insurance & HOA | $358.67 | $358.67 |
| Total housing payment | $3,396.68 | $3,370.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,358
Closing costs & prepaids$13,943
Usable credit−$0
Total buyer cash needed$24,302
Earnest money paid−$0
Remaining funds due$24,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,347.71
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (9 days)$752.55
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 6.5%
Interest already paid$61,808Through Dec 2026
Assumption only · ends Dec 2054$551,230
New conventional · ends Jan 2057$631,524