Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,651/mo
Lowest payment- Down payment
- $14,796
- Funds due
- $26,203
- Interest + MI left
- $423,255
- First ends
- Apr 2055
New loan
New conventional
$2,737/mo
+$86/mo- Down payment
- $36,900
- Funds due
- $45,378
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,204 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,279.94 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $371.42 | $371.42 |
| Total housing payment | $2,651.36 | $2,737.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,796
Closing costs & prepaids$11,406
Usable credit−$0
Total buyer cash needed$26,203
Earnest money paid−$0
Remaining funds due$26,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,771.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$575.25
Initial HOA (3 months)$89.01
Prepaid interest, first (1 days)$63.08
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$36,812Through Nov 2026
Assumption only · ends Apr 2055$423,255
New conventional · ends Dec 2056$503,652