Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
+$44/mo- Down payment
- $5,313
- Funds due
- $16,203
- Interest + MI left
- $387,155
- First ends
- Jun 2055
New loan
New conventional
$2,287/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $40,199
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,687 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,052.17 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $278.00 | $278.00 |
| Total housing payment | $2,330.17 | $2,286.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,313
Closing costs & prepaids$10,891
Usable credit−$0
Total buyer cash needed$16,203
Earnest money paid−$0
Remaining funds due$16,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,573.44
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$384.00
Prepaid interest, first (9 days)$515.23
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 6 moOf the original 30-year loan at 6.64%
Interest already paid$31,626Through Dec 2026
Assumption only · ends Jun 2055$387,155
New conventional · ends Jan 2057$421,104