Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,847/mo
Lowest payment- Down payment
- $25,313
- Funds due
- $37,423
- Interest + MI left
- $418,640
- First ends
- Jul 2055
New loan
New conventional
$2,951/mo
+$104/mo- Down payment
- $35,600
- Funds due
- $44,915
- Interest + MI left
- $485,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,687 | $320,400 |
| Second mortgage | — | — |
| First P&I | $2,178.28 | $2,218.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.08 |
| Taxes, insurance & HOA | $668.75 | $668.75 |
| Total housing payment | $2,847.03 | $2,951.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,313
Closing costs & prepaids$12,110
Usable credit−$0
Total buyer cash needed$37,423
Earnest money paid−$0
Remaining funds due$37,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,560.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,653.44
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,343.25
Initial HOA (3 months)$213.00
Prepaid interest, first (2 days)$122.49
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 closing28 yr 8 moOf the original 30-year loan at 6.760%
Interest already paid$30,040Through Nov 2026
Assumption only · ends Jul 2055$418,640
New conventional · ends Dec 2056$485,908