Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
+$41/mo- Down payment
- $2,470
- Funds due
- $12,906
- Interest + MI left
- $346,884
- First ends
- Mar 2054
New loan
New conventional
$2,299/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,856
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,530 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,964.68 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $375.50 | $375.50 |
| Total housing payment | $2,340.18 | $2,298.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,470
Closing costs & prepaids$10,436
Usable credit−$0
Total buyer cash needed$12,906
Earnest money paid−$0
Remaining funds due$12,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,487.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$364.50
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$53.96
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 4 moOf the original 30-year loan at 6.620%
Interest already paid$53,410Through Nov 2026
Assumption only · ends Mar 2054$346,884
New conventional · ends Dec 2056$409,473