Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,725/mo
+$39/mo- Down payment
- $2,059
- Funds due
- $13,849
- Interest + MI left
- $305,438
- First ends
- Feb 2054
New loan
New conventional
$2,686/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $35,918
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $262,941 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,738.16 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.70 |
| Taxes, insurance & HOA | $987.00 | $987.00 |
| Total housing payment | $2,725.16 | $2,686.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,059
Closing costs & prepaids$11,789
Usable credit−$0
Total buyer cash needed$13,849
Earnest money paid−$0
Remaining funds due$13,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,314.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,683.00
Initial HOA (3 months)$828.00
Prepaid interest, first (2 days)$95.38
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 3 moOf the original 30-year loan at 6.620%
Interest already paid$48,704Through Nov 2026
Assumption only · ends Feb 2054$305,438
New conventional · ends Dec 2056$361,701