Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,082/mo
Lowest payment- Down payment
- $28,745
- Funds due
- $38,878
- Interest + MI left
- $354,789
- First ends
- Oct 2055
New loan
New conventional
$2,270/mo
+$188/mo- Down payment
- $31,950
- Funds due
- $39,523
- Interest + MI left
- $436,089
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,755 | $287,550 |
| Second mortgage | — | — |
| First P&I | $1,860.36 | $1,990.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.51 |
| Taxes, insurance & HOA | $221.50 | $221.50 |
| Total housing payment | $2,081.86 | $2,269.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,745
Closing costs & prepaids$10,133
Usable credit−$0
Total buyer cash needed$38,878
Earnest money paid−$0
Remaining funds due$38,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,453.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$34.50
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$51.78
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$20,611Through Nov 2026
Assumption only · ends Oct 2055$354,789
New conventional · ends Dec 2056$436,089