Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $32,660
- Funds due
- $43,535
- Interest + MI left
- $345,901
- First ends
- Nov 2054
New loan
New conventional
$2,353/mo
+$151/mo- Down payment
- $33,000
- Funds due
- $41,317
- Interest + MI left
- $434,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,340 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,920.12 | $2,011.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $282.00 | $282.00 |
| Total housing payment | $2,202.12 | $2,353.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,660
Closing costs & prepaids$10,875
Usable credit−$0
Total buyer cash needed$43,535
Earnest money paid−$0
Remaining funds due$43,535
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,486.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.00
Prepaid interest, first (9 days)$474.36
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 11 moOf the original 30-year loan at 6.47%
Interest already paid$40,608Through Dec 2026
Assumption only · ends Nov 2054$345,901
New conventional · ends Jan 2057$434,263