Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,735/mo
+$215/mo- Down payment
- $17,096
- Funds due
- $28,643
- Interest + MI left
- $442,783
- First ends
- Feb 2054
New loan
New conventional
$2,520/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,735
- Interest + MI left
- $447,423
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,904 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,348.73 | $2,072.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $386.00 | $386.00 |
| Total housing payment | $2,734.73 | $2,520.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,096
Closing costs & prepaids$11,547
Usable credit−$0
Total buyer cash needed$28,643
Earnest money paid−$0
Remaining funds due$28,643
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,614.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$408.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$606.71
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 closing27 yr 2 moOf the original 30-year loan at 7.62%
Interest already paid$70,761Through Dec 2026
Assumption only · ends Feb 2054$442,783
New conventional · ends Jan 2057$447,423