Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $15,560
- Funds due
- $24,844
- Interest + MI left
- $123,847
- First ends
- Oct 2054
New loan
New conventional
$1,683/mo
+$75/mo- Down payment
- $11,620
- Funds due
- $19,497
- Interest + MI left
- $158,603
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $100,640 | $104,580 |
| Second mortgage | — | — |
| First P&I | $670.11 | $724.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $20.92 |
| Taxes, insurance & HOA | $937.92 | $937.92 |
| Total housing payment | $1,608.03 | $1,682.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,560
Closing costs & prepaids$9,284
Usable credit−$0
Total buyer cash needed$24,844
Earnest money paid−$0
Remaining funds due$24,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,162.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$503.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$563.75
Initial HOA (3 months)$1,800.00
Prepaid interest, first (2 days)$37.39
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$14,393Through Nov 2026
Assumption only · ends Oct 2054$123,847
New conventional · ends Dec 2056$158,603