Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,826/mo
Lowest payment- Down payment
- $26,597
- Funds due
- $39,254
- Interest + MI left
- $438,066
- First ends
- Dec 2054
New loan
New conventional
$3,021/mo
+$195/mo- Down payment
- $43,000
- Funds due
- $52,496
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,403 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,504.37 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,826.37 | $3,021.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,597
Closing costs & prepaids$12,657
Usable credit−$0
Total buyer cash needed$39,254
Earnest money paid−$0
Remaining funds due$39,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,017.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Prepaid interest, first (9 days)$605.77
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 yrOf the original 30-year loan at 6.09%
Interest already paid$49,801Through Dec 2026
Assumption only · ends Dec 2054$438,066
New conventional · ends Jan 2057$565,858