Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,659/mo
+$28/mo- Down payment
- $13,117
- Funds due
- $24,512
- Interest + MI left
- $390,574
- First ends
- Apr 2055
New loan
New conventional
$2,630/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $39,806
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,883 | $279,000 |
| Second mortgage | — | — |
| First P&I | $2,016.00 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $642.58 | $642.58 |
| Total housing payment | $2,658.59 | $2,630.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,117
Closing costs & prepaids$11,395
Usable credit−$0
Total buyer cash needed$24,512
Earnest money paid−$0
Remaining funds due$24,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$907.75
Initial HOA (3 months)$570.00
Prepaid interest, first (2 days)$114.52
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 closing28 yr 5 moOf the original 30-year loan at 7.040%
Interest already paid$33,386Through Nov 2026
Assumption only · ends Apr 2055$390,574
New conventional · ends Dec 2056$423,122