Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,170/mo
Lowest payment- Down payment
- $30,388
- Funds due
- $40,666
- Interest + MI left
- $345,916
- First ends
- Feb 2055
New loan
New conventional
$2,304/mo
+$134/mo- Down payment
- $30,750
- Funds due
- $38,546
- Interest + MI left
- $419,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $277,112 | $276,750 |
| Second mortgage | — | — |
| First P&I | $1,837.84 | $1,916.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.35 |
| Taxes, insurance & HOA | $332.50 | $332.50 |
| Total housing payment | $2,170.34 | $2,304.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,388
Closing costs & prepaids$10,278
Usable credit−$0
Total buyer cash needed$40,666
Earnest money paid−$0
Remaining funds due$40,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,075.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,385.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$211.50
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$51.47
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 closing28 yr 3 moOf the original 30-year loan at 6.780%
Interest already paid$33,220Through Nov 2026
Assumption only · ends Feb 2055$345,916
New conventional · ends Dec 2056$419,710