Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $37,222
- Funds due
- $48,763
- Interest + MI left
- $390,984
- First ends
- Nov 2055
New loan
New conventional
$2,620/mo
+$236/mo- Down payment
- $36,990
- Funds due
- $45,777
- Interest + MI left
- $486,769
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,678 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,085.48 | $2,255.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.58 |
| Taxes, insurance & HOA | $298.00 | $298.00 |
| Total housing payment | $2,383.48 | $2,619.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,222
Closing costs & prepaids$11,541
Usable credit−$0
Total buyer cash needed$48,763
Earnest money paid−$0
Remaining funds due$48,763
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,663.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Prepaid interest, first (9 days)$516.79
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 yr 11 moOf the original 30-year loan at 6.3%
Interest already paid$22,863Through Dec 2026
Assumption only · ends Nov 2055$390,984
New conventional · ends Jan 2057$486,769