Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,054/mo
+$47/mo- Down payment
- $40,540
- Funds due
- $53,186
- Interest + MI left
- $503,596
- First ends
- Feb 2054
New loan
New conventional
$3,008/mo
Lowest payment- Down payment
- $42,800
- Funds due
- $52,272
- Interest + MI left
- $563,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,460 | $385,200 |
| Second mortgage | — | — |
| First P&I | $2,733.30 | $2,609.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.04 |
| Taxes, insurance & HOA | $321.17 | $321.17 |
| Total housing payment | $3,054.47 | $3,007.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,540
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$53,186
Earnest money paid−$0
Remaining funds due$53,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,937.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.50
Prepaid interest, first (9 days)$696.47
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 2 moOf the original 30-year loan at 7.29%
Interest already paid$81,307Through Dec 2026
Assumption only · ends Feb 2054$503,596
New conventional · ends Jan 2057$563,226