Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
+$88/mo- Down payment
- $2,595
- Funds due
- $13,405
- Interest + MI left
- $340,361
- First ends
- May 2055
New loan
New conventional
$2,213/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $35,389
- Interest + MI left
- $355,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,405 | $243,000 |
| Second mortgage | — | — |
| First P&I | $1,782.31 | $1,646.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.60 |
| Taxes, insurance & HOA | $518.00 | $518.00 |
| Total housing payment | $2,300.31 | $2,212.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,595
Closing costs & prepaids$10,811
Usable credit−$0
Total buyer cash needed$13,405
Earnest money paid−$0
Remaining funds due$13,405
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,337.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$451.66
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 5 moOf the original 30-year loan at 6.85%
Interest already paid$29,269Through Dec 2026
Assumption only · ends May 2055$340,361
New conventional · ends Jan 2057$355,306