Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,936/mo
Lowest payment- Down payment
- $19,473
- Funds due
- $29,392
- Interest + MI left
- $319,927
- First ends
- Apr 2055
New loan
New conventional
$1,952/mo
+$17/mo- Down payment
- $26,995
- Funds due
- $34,604
- Interest + MI left
- $355,240
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,477 | $242,955 |
| Second mortgage | — | — |
| First P&I | $1,677.66 | $1,645.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.59 |
| Taxes, insurance & HOA | $258.00 | $258.00 |
| Total housing payment | $1,935.66 | $1,952.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,473
Closing costs & prepaids$9,919
Usable credit−$0
Total buyer cash needed$29,392
Earnest money paid−$0
Remaining funds due$29,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,252.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.00
Prepaid interest, first (9 days)$425.54
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 6.89%
Interest already paid$29,040Through Dec 2026
Assumption only · ends Apr 2055$319,927
New conventional · ends Jan 2057$355,240