Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
Lowest payment- Down payment
- $41,088
- Funds due
- $54,056
- Interest + MI left
- $457,753
- First ends
- Jun 2053
New loan
New conventional
$3,155/mo
+$99/mo- Down payment
- $45,000
- Funds due
- $54,732
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,912 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,725.36 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 |
| Total housing payment | $3,055.36 | $3,154.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,088
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$54,056
Earnest money paid−$0
Remaining funds due$54,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,044.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (9 days)$665.46
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 closing26 yr 6 moOf the original 30-year loan at 6.6%
Interest already paid$96,645Through Dec 2026
Assumption only · ends Jun 2053$457,753
New conventional · ends Jan 2057$592,177