Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $20,219
- Funds due
- $30,704
- Interest + MI left
- $342,325
- First ends
- Sep 2054
New loan
New conventional
$2,321/mo
+$44/mo- Down payment
- $29,500
- Funds due
- $37,527
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,781 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,847.62 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $429.83 | $429.83 |
| Total housing payment | $2,277.46 | $2,321.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,219
Closing costs & prepaids$10,485
Usable credit−$0
Total buyer cash needed$30,704
Earnest money paid−$0
Remaining funds due$30,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,373.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$434.50
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$103.44
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 6.870%
Interest already paid$41,425Through Nov 2026
Assumption only · ends Sep 2054$342,325
New conventional · ends Dec 2056$402,649