Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $19,098
- Funds due
- $30,407
- Interest + MI left
- $393,554
- First ends
- Sep 2054
New loan
New conventional
$2,645/mo
+$24/mo- Down payment
- $33,500
- Funds due
- $42,105
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,902 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,124.12 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $497.50 | $497.50 |
| Total housing payment | $2,621.62 | $2,645.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,098
Closing costs & prepaids$11,309
Usable credit−$0
Total buyer cash needed$30,407
Earnest money paid−$0
Remaining funds due$30,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,579.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$259.50
Initial HOA (3 months)$783.00
Prepaid interest, first (2 days)$118.92
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$47,624Through Nov 2026
Assumption only · ends Sep 2054$393,554
New conventional · ends Dec 2056$457,245