Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,531/mo
Lowest payment- Down payment
- $12,009
- Funds due
- $22,987
- Interest + MI left
- $420,593
- First ends
- Dec 2054
New loan
New conventional
$2,590/mo
+$58/mo- Down payment
- $36,900
- Funds due
- $44,935
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,991 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,307.37 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $223.92 | $223.92 |
| Total housing payment | $2,531.29 | $2,589.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,009
Closing costs & prepaids$10,978
Usable credit−$0
Total buyer cash needed$22,987
Earnest money paid−$0
Remaining funds due$22,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,784.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$221.75
Prepaid interest, first (1 days)$63.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$45,009Through Nov 2026
Assumption only · ends Dec 2054$420,593
New conventional · ends Dec 2056$503,652