Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,642/mo
Lowest payment- Down payment
- $40,737
- Funds due
- $52,706
- Interest + MI left
- $330,703
- First ends
- Nov 2054
New loan
New conventional
$2,892/mo
+$250/mo- Down payment
- $32,400
- Funds due
- $41,853
- Interest + MI left
- $442,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,263 | $291,600 |
| Second mortgage | — | — |
| First P&I | $1,827.28 | $2,018.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.32 |
| Taxes, insurance & HOA | $814.66 | $814.66 |
| Total housing payment | $2,641.94 | $2,891.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,737
Closing costs & prepaids$11,969
Usable credit−$0
Total buyer cash needed$52,706
Earnest money paid−$0
Remaining funds due$52,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,416.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,972.75
Initial HOA (3 months)$21.24
Prepaid interest, first (2 days)$100.42
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 yrOf the original 30-year loan at 6.470%
Interest already paid$37,118Through Nov 2026
Assumption only · ends Nov 2054$330,703
New conventional · ends Dec 2056$442,231