Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
+$1/mo- Down payment
- $5,003
- Funds due
- $15,161
- Interest + MI left
- $388,898
- First ends
- Jun 2055
New loan
New conventional
$2,218/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $39,472
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $314,997 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,052.17 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $166.83 | $166.83 |
| Total housing payment | $2,219.00 | $2,218.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,003
Closing costs & prepaids$10,158
Usable credit−$0
Total buyer cash needed$15,161
Earnest money paid−$0
Remaining funds due$15,161
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%)$1,574.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$50.50
Prepaid interest, first (2 days)$114.61
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 closing28 yr 7 moOf the original 30-year loan at 6.640%
Interest already paid$29,884Through Nov 2026
Assumption only · ends Jun 2055$388,898
New conventional · ends Dec 2056$436,771