Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,816/mo
+$176/mo- Down payment
- $6,154
- Funds due
- $18,044
- Interest + MI left
- $440,196
- First ends
- Feb 2054
New loan
New conventional
$2,640/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,929
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $353,846 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,435.71 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $380.00 | $380.00 |
| Total housing payment | $2,815.71 | $2,639.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,154
Closing costs & prepaids$11,891
Usable credit−$0
Total buyer cash needed$18,044
Earnest money paid−$0
Remaining funds due$18,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,769.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$432.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$613.37
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 7.03%
Interest already paid$71,660Through Dec 2026
Assumption only · ends Feb 2054$440,196
New conventional · ends Jan 2057$473,742