Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,197/mo
Lowest payment- Down payment
- $27,030
- Funds due
- $37,902
- Interest + MI left
- $353,215
- First ends
- Oct 2055
New loan
New conventional
$2,330/mo
+$133/mo- Down payment
- $31,750
- Funds due
- $40,099
- Interest + MI left
- $417,814
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,470 | $285,750 |
| Second mortgage | — | — |
| First P&I | $1,860.36 | $1,935.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.15 |
| Taxes, insurance & HOA | $337.00 | $337.00 |
| Total housing payment | $2,197.36 | $2,329.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,030
Closing costs & prepaids$10,872
Usable credit−$0
Total buyer cash needed$37,902
Earnest money paid−$0
Remaining funds due$37,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,175.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,452.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$381.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$465.55
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$22,186Through Dec 2026
Assumption only · ends Oct 2055$353,215
New conventional · ends Jan 2057$417,814