Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $21,449
- Funds due
- $31,327
- Interest + MI left
- $287,230
- First ends
- Sep 2054
New loan
New conventional
$2,063/mo
+$59/mo- Down payment
- $25,000
- Funds due
- $32,697
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $228,551 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,544.26 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.00 |
| Taxes, insurance & HOA | $460.33 | $460.33 |
| Total housing payment | $2,004.59 | $2,063.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,449
Closing costs & prepaids$9,878
Usable credit−$0
Total buyer cash needed$31,327
Earnest money paid−$0
Remaining funds due$31,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,142.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$166.00
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$86.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.920%
Interest already paid$34,702Through Nov 2026
Assumption only · ends Sep 2054$287,230
New conventional · ends Dec 2056$341,228