Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,644/mo
Lowest payment- Down payment
- $34,051
- Funds due
- $45,843
- Interest + MI left
- $424,725
- First ends
- May 2054
New loan
New conventional
$2,687/mo
+$43/mo- Down payment
- $38,000
- Funds due
- $46,906
- Interest + MI left
- $500,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,949 | $342,000 |
| Second mortgage | — | — |
| First P&I | $2,342.47 | $2,316.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $302.00 | $302.00 |
| Total housing payment | $2,644.47 | $2,687.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,051
Closing costs & prepaids$11,791
Usable credit−$0
Total buyer cash needed$45,843
Earnest money paid−$0
Remaining funds due$45,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,729.74
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Prepaid interest, first (9 days)$587.73
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 5 moOf the original 29-year loan at 6.89%
Interest already paid$38,113Through Dec 2026
Assumption only · ends May 2054$424,725
New conventional · ends Jan 2057$500,061