Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,453/mo
Lowest payment- Down payment
- $32,971
- Funds due
- $43,896
- Interest + MI left
- $383,971
- First ends
- Oct 2054
New loan
New conventional
$2,566/mo
+$114/mo- Down payment
- $33,900
- Funds due
- $42,167
- Interest + MI left
- $462,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,029 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,059.70 | $2,112.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.02 |
| Taxes, insurance & HOA | $392.92 | $392.92 |
| Total housing payment | $2,452.62 | $2,566.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,971
Closing costs & prepaids$10,925
Usable credit−$0
Total buyer cash needed$43,896
Earnest money paid−$0
Remaining funds due$43,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,530.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$188.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$57.77
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 11 moOf the original 30-year loan at 6.890%
Interest already paid$44,465Through Nov 2026
Assumption only · ends Oct 2054$383,971
New conventional · ends Dec 2056$462,705