Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,045/mo
Lowest payment- Down payment
- $8,437
- Funds due
- $18,400
- Interest + MI left
- $297,863
- First ends
- Aug 2055
New loan
New conventional
$2,060/mo
+$14/mo- Down payment
- $24,290
- Funds due
- $32,047
- Interest + MI left
- $331,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,463 | $218,610 |
| Second mortgage | — | — |
| First P&I | $1,542.97 | $1,513.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.72 |
| Taxes, insurance & HOA | $502.33 | $502.33 |
| Total housing payment | $2,045.31 | $2,059.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,437
Closing costs & prepaids$9,963
Usable credit−$0
Total buyer cash needed$18,400
Earnest money paid−$0
Remaining funds due$18,400
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,429.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,172.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$202.00
Initial HOA (3 months)$855.00
Prepaid interest, first (2 days)$86.85
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 9 moOf the original 30-year loan at 6.760%
Interest already paid$19,958Through Nov 2026
Assumption only · ends Aug 2055$297,863
New conventional · ends Dec 2056$331,537