Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,995/mo
Lowest payment- Down payment
- $9,698
- Funds due
- $21,949
- Interest + MI left
- $497,637
- First ends
- Jan 2055
New loan
New conventional
$3,088/mo
+$93/mo- Down payment
- $44,500
- Funds due
- $53,347
- Interest + MI left
- $607,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $435,301 | $400,499 |
| Second mortgage | — | — |
| First P&I | $2,760.17 | $2,772.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.10 |
| Taxes, insurance & HOA | $235.00 | $235.00 |
| Total housing payment | $2,995.17 | $3,088.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,698
Closing costs & prepaids$12,250
Usable credit−$0
Total buyer cash needed$21,949
Earnest money paid−$0
Remaining funds due$21,949
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,449.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,176.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$150.75
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 2 moOf the original 30-year loan at 6.320%
Interest already paid$51,034Through Nov 2026
Assumption only · ends Jan 2055$497,637
New conventional · ends Dec 2056$607,384