Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,621/mo
Lowest payment- Down payment
- $16,215
- Funds due
- $27,917
- Interest + MI left
- $324,310
- First ends
- Jan 2055
New loan
New conventional
$2,745/mo
+$124/mo- Down payment
- $29,990
- Funds due
- $39,187
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,685 | $269,910 |
| Second mortgage | — | — |
| First P&I | $1,798.80 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $822.67 | $822.67 |
| Total housing payment | $2,621.47 | $2,745.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,215
Closing costs & prepaids$11,703
Usable credit−$0
Total buyer cash needed$27,917
Earnest money paid−$0
Remaining funds due$27,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,418.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$803.00
Initial HOA (3 months)$1,215.00
Prepaid interest, first (1 days)$49.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$33,259Through Nov 2026
Assumption only · ends Jan 2055$324,310
New conventional · ends Dec 2056$409,337