Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,730/mo
+$169/mo- Down payment
- $16,800
- Funds due
- $27,796
- Interest + MI left
- $444,835
- First ends
- Feb 2054
New loan
New conventional
$2,562/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,242
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,200 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,348.73 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $381.75 | $381.75 |
| Total housing payment | $2,730.48 | $2,561.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,800
Closing costs & prepaids$10,997
Usable credit−$0
Total buyer cash needed$27,796
Earnest money paid−$0
Remaining funds due$27,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,616.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$395.25
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$67.47
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 closing27 yr 3 moOf the original 30-year loan at 7.620%
Interest already paid$68,709Through Nov 2026
Assumption only · ends Feb 2054$444,835
New conventional · ends Dec 2056$464,070