Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,623/mo
Lowest payment- Down payment
- $23,873
- Funds due
- $35,046
- Interest + MI left
- $439,901
- First ends
- Apr 2055
New loan
New conventional
$2,665/mo
+$42/mo- Down payment
- $36,290
- Funds due
- $44,613
- Interest + MI left
- $495,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $339,027 | $326,610 |
| Second mortgage | — | — |
| First P&I | $2,284.24 | $2,261.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.32 |
| Taxes, insurance & HOA | $338.50 | $338.50 |
| Total housing payment | $2,622.75 | $2,665.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,873
Closing costs & prepaids$11,172
Usable credit−$0
Total buyer cash needed$35,046
Earnest money paid−$0
Remaining funds due$35,046
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,629.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,695.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$539.50
Initial HOA (3 months)$26.01
Prepaid interest, first (1 days)$64.65
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 5 moOf the original 30-year loan at 6.960%
Interest already paid$37,697Through Nov 2026
Assumption only · ends Apr 2055$439,901
New conventional · ends Dec 2056$495,326