Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
Lowest payment- Down payment
- $25,005
- Funds due
- $37,891
- Interest + MI left
- $494,153
- First ends
- Apr 2055
New loan
New conventional
$3,088/mo
+$88/mo- Down payment
- $44,000
- Funds due
- $53,614
- Interest + MI left
- $579,016
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,994 | $395,999 |
| Second mortgage | — | — |
| First P&I | $2,673.96 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $326.00 | $326.00 |
| Total housing payment | $2,999.96 | $3,087.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,005
Closing costs & prepaids$12,886
Usable credit−$0
Total buyer cash needed$37,891
Earnest money paid−$0
Remaining funds due$37,891
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,074.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Prepaid interest, first (9 days)$665.13
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$45,424Through Dec 2026
Assumption only · ends Apr 2055$494,153
New conventional · ends Jan 2057$579,016