Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $22,160
- Funds due
- $32,910
- Interest + MI left
- $344,351
- First ends
- Feb 2055
New loan
New conventional
$2,258/mo
+$39/mo- Down payment
- $29,900
- Funds due
- $38,187
- Interest + MI left
- $393,469
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,840 | $269,100 |
| Second mortgage | — | — |
| First P&I | $1,837.84 | $1,822.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $381.58 | $381.58 |
| Total housing payment | $2,219.43 | $2,258.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,160
Closing costs & prepaids$10,750
Usable credit−$0
Total buyer cash needed$32,910
Earnest money paid−$0
Remaining funds due$32,910
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,384.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$358.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$462.82
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 2 moOf the original 30-year loan at 6.78%
Interest already paid$34,785Through Dec 2026
Assumption only · ends Feb 2055$344,351
New conventional · ends Jan 2057$393,469