Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,554/mo
+$94/mo- Down payment
- $3,094
- Funds due
- $14,389
- Interest + MI left
- $377,342
- First ends
- Jan 2055
New loan
New conventional
$2,460/mo
Lowest payment- Down payment
- $30,700
- Funds due
- $39,363
- Interest + MI left
- $403,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,906 | $276,300 |
| Second mortgage | — | — |
| First P&I | $2,021.51 | $1,871.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.26 |
| Taxes, insurance & HOA | $532.83 | $532.83 |
| Total housing payment | $2,554.34 | $2,459.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,094
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$14,389
Earnest money paid−$0
Remaining funds due$14,389
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,519.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$368.50
Initial HOA (3 months)$780.00
Prepaid interest, first (6 days)$339.21
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 6.79%
Interest already paid$40,001Through Dec 2026
Assumption only · ends Jan 2055$377,342
New conventional · ends Jan 2057$403,996