Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
+$58/mo- Down payment
- $1,170
- Funds due
- $11,699
- Interest + MI left
- $345,676
- First ends
- Mar 2054
New loan
New conventional
$2,321/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $37,471
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,830 | $265,500 |
| Second mortgage | — | — |
| First P&I | $1,949.71 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $429.16 | $429.16 |
| Total housing payment | $2,378.88 | $2,320.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,170
Closing costs & prepaids$10,528
Usable credit−$0
Total buyer cash needed$11,699
Earnest money paid−$0
Remaining funds due$11,699
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,469.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$737.50
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$53.69
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 closing27 yr 4 moOf the original 30-year loan at 6.670%
Interest already paid$53,136Through Nov 2026
Assumption only · ends Mar 2054$345,676
New conventional · ends Dec 2056$402,649