Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $24,959
- Funds due
- $36,053
- Interest + MI left
- $387,540
- First ends
- Oct 2055
New loan
New conventional
$2,413/mo
+$100/mo- Down payment
- $33,900
- Funds due
- $42,323
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,041 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,027.69 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.02 |
| Taxes, insurance & HOA | $285.58 | $285.58 |
| Total housing payment | $2,313.28 | $2,413.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,959
Closing costs & prepaids$11,094
Usable credit−$0
Total buyer cash needed$36,053
Earnest money paid−$0
Remaining funds due$36,053
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,570.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.75
Prepaid interest, first (9 days)$509.52
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 10 moOf the original 30-year loan at 6.58%
Interest already paid$24,279Through Dec 2026
Assumption only · ends Oct 2055$387,540
New conventional · ends Jan 2057$446,107