Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,388/mo
Lowest payment- Down payment
- $29,871
- Funds due
- $41,381
- Interest + MI left
- $327,956
- First ends
- Dec 2055
New loan
New conventional
$2,603/mo
+$215/mo- Down payment
- $31,500
- Funds due
- $40,523
- Interest + MI left
- $414,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,129 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,761.74 | $1,920.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $626.00 | $626.00 |
| Total housing payment | $2,387.74 | $2,603.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,871
Closing costs & prepaids$11,511
Usable credit−$0
Total buyer cash needed$41,381
Earnest money paid−$0
Remaining funds due$41,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,425.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$378.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$289.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing29 yrOf the original 30-year loan at 6.17%
Interest already paid$17,708Through Dec 2026
Assumption only · ends Dec 2055$327,956
New conventional · ends Jan 2057$414,524