Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
Lowest payment- Down payment
- $44,718
- Funds due
- $58,005
- Interest + MI left
- $379,613
- First ends
- Nov 2054
New loan
New conventional
$3,258/mo
+$524/mo- Down payment
- $46,300
- Funds due
- $56,435
- Interest + MI left
- $609,284
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,282 | $416,700 |
| Second mortgage | — | — |
| First P&I | $2,381.78 | $2,822.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.34 |
| Taxes, insurance & HOA | $351.83 | $351.83 |
| Total housing payment | $2,733.61 | $3,258.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,718
Closing costs & prepaids$13,286
Usable credit−$0
Total buyer cash needed$58,005
Earnest money paid−$0
Remaining funds due$58,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,091.41
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$555.50
Prepaid interest, first (9 days)$541.47
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 closing27 yr 11 moOf the original 30-year loan at 5.25%
Interest already paid$46,504Through Dec 2026
Assumption only · ends Nov 2054$379,613
New conventional · ends Jan 2057$609,284