Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,787/mo
Lowest payment- Down payment
- $24,422
- Funds due
- $34,171
- Interest + MI left
- $283,754
- First ends
- Aug 2055
New loan
New conventional
$1,907/mo
+$120/mo- Down payment
- $25,940
- Funds due
- $33,499
- Interest + MI left
- $341,357
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,978 | $233,460 |
| Second mortgage | — | — |
| First P&I | $1,507.94 | $1,581.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.69 |
| Taxes, insurance & HOA | $278.75 | $278.75 |
| Total housing payment | $1,786.69 | $1,906.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,422
Closing costs & prepaids$9,750
Usable credit−$0
Total buyer cash needed$34,171
Earnest money paid−$0
Remaining funds due$34,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,594.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,174.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$311.25
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$376.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$20,533Through Dec 2026
Assumption only · ends Aug 2055$283,754
New conventional · ends Jan 2057$341,357