Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,645/mo
Lowest payment- Down payment
- $15,062
- Funds due
- $26,361
- Interest + MI left
- $409,097
- First ends
- Aug 2054
New loan
New conventional
$2,654/mo
+$9/mo- Down payment
- $34,990
- Funds due
- $43,475
- Interest + MI left
- $477,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,838 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,234.04 | $2,180.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $411.08 | $411.08 |
| Total housing payment | $2,645.12 | $2,654.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,062
Closing costs & prepaids$11,299
Usable credit−$0
Total buyer cash needed$26,361
Earnest money paid−$0
Remaining funds due$26,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,674.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$663.25
Initial HOA (3 months)$120.00
Prepaid interest, first (2 days)$124.39
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 9 moOf the original 30-year loan at 6.780%
Interest already paid$51,772Through Nov 2026
Assumption only · ends Aug 2054$409,097
New conventional · ends Dec 2056$477,582