Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,325/mo
Lowest payment- Down payment
- $28,190
- Funds due
- $38,967
- Interest + MI left
- $349,101
- First ends
- Dec 2054
New loan
New conventional
$2,491/mo
+$165/mo- Down payment
- $32,450
- Funds due
- $40,635
- Interest + MI left
- $442,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,310 | $292,050 |
| Second mortgage | — | — |
| First P&I | $1,915.17 | $2,022.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.41 |
| Taxes, insurance & HOA | $410.00 | $410.00 |
| Total housing payment | $2,325.17 | $2,490.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,190
Closing costs & prepaids$10,777
Usable credit−$0
Total buyer cash needed$38,967
Earnest money paid−$0
Remaining funds due$38,967
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,481.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$525.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$52.77
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$37,359Through Nov 2026
Assumption only · ends Dec 2054$349,101
New conventional · ends Dec 2056$442,913