Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,889/mo
+$83/mo- Down payment
- $6,088
- Funds due
- $15,704
- Interest + MI left
- $297,518
- First ends
- May 2054
New loan
New conventional
$1,806/mo
Lowest payment- Down payment
- $24,800
- Funds due
- $32,150
- Interest + MI left
- $326,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $241,912 | $223,200 |
| Second mortgage | — | — |
| First P&I | $1,639.60 | $1,512.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.64 |
| Taxes, insurance & HOA | $249.17 | $249.17 |
| Total housing payment | $1,888.77 | $1,805.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,088
Closing costs & prepaids$9,617
Usable credit−$0
Total buyer cash needed$15,704
Earnest money paid−$0
Remaining funds due$15,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,209.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$297.50
Prepaid interest, first (9 days)$411.58
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 5 moOf the original 30-year loan at 6.9%
Interest already paid$43,787Through Dec 2026
Assumption only · ends May 2054$297,518
New conventional · ends Jan 2057$326,355