Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,776/mo
Lowest payment- Down payment
- $32,970
- Funds due
- $44,561
- Interest + MI left
- $447,491
- First ends
- Mar 2054
New loan
New conventional
$2,841/mo
+$64/mo- Down payment
- $39,500
- Funds due
- $48,099
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,030 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,468.05 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $308.25 | $308.25 |
| Total housing payment | $2,776.30 | $2,840.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,970
Closing costs & prepaids$11,591
Usable credit−$0
Total buyer cash needed$44,561
Earnest money paid−$0
Remaining funds due$44,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$474.75
Prepaid interest, first (2 days)$137.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 6.950%
Interest already paid$68,161Through Nov 2026
Assumption only · ends Mar 2054$447,491
New conventional · ends Dec 2056$539,140