Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,567/mo
+$80/mo- Down payment
- $13,366
- Funds due
- $24,762
- Interest + MI left
- $421,537
- First ends
- Sep 2054
New loan
New conventional
$2,487/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,553
- Interest + MI left
- $460,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,633 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,276.79 | $2,133.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $2,566.79 | $2,486.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,366
Closing costs & prepaids$11,396
Usable credit−$0
Total buyer cash needed$24,762
Earnest money paid−$0
Remaining funds due$24,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,683.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Prepaid interest, first (9 days)$574.40
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$53,106Through Dec 2026
Assumption only · ends Sep 2054$421,537
New conventional · ends Jan 2057$460,581