Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,692/mo
Lowest payment- Down payment
- $27,643
- Funds due
- $39,614
- Interest + MI left
- $421,299
- First ends
- Apr 2054
New loan
New conventional
$2,747/mo
+$56/mo- Down payment
- $38,900
- Funds due
- $47,913
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,357 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,386.15 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.02 |
| Taxes, insurance & HOA | $305.58 | $305.58 |
| Total housing payment | $2,691.73 | $2,747.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,643
Closing costs & prepaids$11,971
Usable credit−$0
Total buyer cash needed$39,614
Earnest money paid−$0
Remaining funds due$39,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,806.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$466.75
Prepaid interest, first (9 days)$589.85
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 4 moOf the original 30-year loan at 6.62%
Interest already paid$64,867Through Dec 2026
Assumption only · ends Apr 2054$421,299
New conventional · ends Jan 2057$511,904