Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $19,153
- Funds due
- $30,895
- Interest + MI left
- $318,823
- First ends
- Jan 2055
New loan
New conventional
$2,655/mo
+$137/mo- Down payment
- $31,000
- Funds due
- $40,221
- Interest + MI left
- $407,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,847 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,809.11 | $1,890.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $709.00 | $709.00 |
| Total housing payment | $2,518.11 | $2,654.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,153
Closing costs & prepaids$11,742
Usable credit−$0
Total buyer cash needed$30,895
Earnest money paid−$0
Remaining funds due$30,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$372.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (6 days)$292.60
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 closing28 yr 1 moOf the original 30-year loan at 6.12%
Interest already paid$34,556Through Dec 2026
Assumption only · ends Jan 2055$318,823
New conventional · ends Jan 2057$407,944