Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,729/mo
+$54/mo- Down payment
- $10,578
- Funds due
- $21,983
- Interest + MI left
- $422,480
- First ends
- Sep 2054
New loan
New conventional
$2,674/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,093
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,422 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,266.17 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $462.50 | $462.50 |
| Total housing payment | $2,728.67 | $2,674.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,578
Closing costs & prepaids$11,405
Usable credit−$0
Total buyer cash needed$21,983
Earnest money paid−$0
Remaining funds due$21,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,672.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$862.50
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$127.36
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 6.950%
Interest already paid$50,993Through Nov 2026
Assumption only · ends Sep 2054$422,480
New conventional · ends Dec 2056$470,894