Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $2,236
- Funds due
- $13,669
- Interest + MI left
- $363,269
- First ends
- Jan 2055
New loan
New conventional
$2,659/mo
+$37/mo- Down payment
- $32,000
- Funds due
- $40,734
- Interest + MI left
- $436,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,764 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,014.89 | $1,994.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $606.92 | $606.92 |
| Total housing payment | $2,621.81 | $2,658.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,236
Closing costs & prepaids$11,433
Usable credit−$0
Total buyer cash needed$13,669
Earnest money paid−$0
Remaining funds due$13,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,588.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$260.75
Initial HOA (3 months)$1,110.00
Prepaid interest, first (1 days)$55.02
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 2 moOf the original 30-year loan at 6.320%
Interest already paid$37,255Through Nov 2026
Assumption only · ends Jan 2055$363,269
New conventional · ends Dec 2056$436,771