Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
Lowest payment- Down payment
- $15,780
- Funds due
- $27,042
- Interest + MI left
- $391,960
- First ends
- Nov 2055
New loan
New conventional
$2,640/mo
+$140/mo- Down payment
- $34,500
- Funds due
- $42,990
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $329,220 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,072.36 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $428.00 | $428.00 |
| Total housing payment | $2,500.36 | $2,639.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,780
Closing costs & prepaids$11,263
Usable credit−$0
Total buyer cash needed$27,042
Earnest money paid−$0
Remaining funds due$27,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,646.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$114.55
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 closing29 yrOf the original 30-year loan at 6.350%
Interest already paid$21,038Through Nov 2026
Assumption only · ends Nov 2055$391,960
New conventional · ends Dec 2056$470,894