Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $24,288
- Funds due
- $33,654
- Interest + MI left
- $285,028
- First ends
- Aug 2055
New loan
New conventional
$1,926/mo
+$156/mo- Down payment
- $25,950
- Funds due
- $33,093
- Interest + MI left
- $354,194
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,212 | $233,550 |
| Second mortgage | — | — |
| First P&I | $1,507.94 | $1,617.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.71 |
| Taxes, insurance & HOA | $261.83 | $261.83 |
| Total housing payment | $1,769.78 | $1,925.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,288
Closing costs & prepaids$9,366
Usable credit−$0
Total buyer cash needed$33,654
Earnest money paid−$0
Remaining funds due$33,654
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,176.06
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$260.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$41.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.500%
Interest already paid$19,258Through Nov 2026
Assumption only · ends Aug 2055$285,028
New conventional · ends Dec 2056$354,194