Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,654/mo
+$139/mo- Down payment
- $1,572
- Funds due
- $12,635
- Interest + MI left
- $414,454
- First ends
- Aug 2054
New loan
New conventional
$2,515/mo
Lowest payment- Down payment
- $32,300
- Funds due
- $40,632
- Interest + MI left
- $440,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,428 | $290,700 |
| Second mortgage | — | — |
| First P&I | $2,209.85 | $2,012.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.14 |
| Taxes, insurance & HOA | $444.17 | $444.17 |
| Total housing payment | $2,654.02 | $2,515.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,572
Closing costs & prepaids$11,063
Usable credit−$0
Total buyer cash needed$12,635
Earnest money paid−$0
Remaining funds due$12,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,230.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,607.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$807.50
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$124.87
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 9 moOf the original 30-year loan at 7.090%
Interest already paid$51,932Through Nov 2026
Assumption only · ends Aug 2054$414,454
New conventional · ends Dec 2056$440,866