Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,312/mo
Lowest payment- Down payment
- $37,251
- Funds due
- $48,302
- Interest + MI left
- $386,437
- First ends
- Apr 2055
New loan
New conventional
$2,419/mo
+$106/mo- Down payment
- $33,980
- Funds due
- $42,412
- Interest + MI left
- $447,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,549 | $305,820 |
| Second mortgage | — | — |
| First P&I | $2,026.43 | $2,071.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.16 |
| Taxes, insurance & HOA | $285.92 | $285.92 |
| Total housing payment | $2,312.35 | $2,418.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,251
Closing costs & prepaids$11,050
Usable credit−$0
Total buyer cash needed$48,302
Earnest money paid−$0
Remaining funds due$48,302
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,398.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,512.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$407.75
Prepaid interest, first (9 days)$514.00
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$35,077Through Dec 2026
Assumption only · ends Apr 2055$386,437
New conventional · ends Jan 2057$447,159