Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,962/mo
Lowest payment- Down payment
- $31,304
- Funds due
- $43,669
- Interest + MI left
- $418,942
- First ends
- Mar 2054
New loan
New conventional
$3,091/mo
+$130/mo- Down payment
- $38,999
- Funds due
- $48,399
- Interest + MI left
- $532,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,686 | $350,991 |
| Second mortgage | — | — |
| First P&I | $2,370.82 | $2,430.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.20 |
| Taxes, insurance & HOA | $591.00 | $591.00 |
| Total housing payment | $2,961.81 | $3,091.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,304
Closing costs & prepaids$12,365
Usable credit−$0
Total buyer cash needed$43,669
Earnest money paid−$0
Remaining funds due$43,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,294.25
Initial HOA (3 months)$28.74
Prepaid interest, first (2 days)$130.31
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 4 moOf the original 30-year loan at 6.630%
Interest already paid$64,483Through Nov 2026
Assumption only · ends Mar 2054$418,942
New conventional · ends Dec 2056$532,301