Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,228/mo
Lowest payment- Down payment
- $13,090
- Funds due
- $23,717
- Interest + MI left
- $335,765
- First ends
- Dec 2055
New loan
New conventional
$2,364/mo
+$136/mo- Down payment
- $29,900
- Funds due
- $38,016
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,910 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,781.30 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $447.09 | $447.09 |
| Total housing payment | $2,228.39 | $2,364.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,090
Closing costs & prepaids$10,627
Usable credit−$0
Total buyer cash needed$23,717
Earnest money paid−$0
Remaining funds due$23,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,429.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$747.50
Initial HOA (3 months)$143.76
Prepaid interest, first (2 days)$98.07
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 closing29 yr 1 moOf the original 30-year loan at 6.260%
Interest already paid$16,504Through Nov 2026
Assumption only · ends Dec 2055$335,765
New conventional · ends Dec 2056$408,108