Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,411/mo
Lowest payment- Down payment
- $39,072
- Funds due
- $50,296
- Interest + MI left
- $382,795
- First ends
- Mar 2054
New loan
New conventional
$2,486/mo
+$75/mo- Down payment
- $34,990
- Funds due
- $43,542
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,828 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,121.17 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $290.00 | $290.00 |
| Total housing payment | $2,411.17 | $2,486.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,072
Closing costs & prepaids$11,224
Usable credit−$0
Total buyer cash needed$50,296
Earnest money paid−$0
Remaining funds due$50,296
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,554.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Prepaid interest, first (9 days)$532.67
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 3 moOf the original 30-year loan at 6.95%
Interest already paid$60,383Through Dec 2026
Assumption only · ends Mar 2054$382,795
New conventional · ends Jan 2057$460,451