Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,395/mo
Lowest payment- Down payment
- $13,076
- Funds due
- $24,278
- Interest + MI left
- $393,229
- First ends
- Jun 2055
New loan
New conventional
$2,427/mo
+$32/mo- Down payment
- $34,100
- Funds due
- $42,547
- Interest + MI left
- $448,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,922 | $306,898 |
| Second mortgage | — | — |
| First P&I | $2,108.63 | $2,079.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.38 |
| Taxes, insurance & HOA | $286.42 | $286.42 |
| Total housing payment | $2,395.05 | $2,426.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,076
Closing costs & prepaids$11,202
Usable credit−$0
Total buyer cash needed$24,278
Earnest money paid−$0
Remaining funds due$24,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,409.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,639.61
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$409.25
Prepaid interest, first (9 days)$525.57
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 6 moOf the original 30-year loan at 6.5%
Interest already paid$32,269Through Dec 2026
Assumption only · ends Jun 2055$393,229
New conventional · ends Jan 2057$448,736