Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,525/mo
Lowest payment- Down payment
- $33,274
- Funds due
- $44,876
- Interest + MI left
- $382,213
- First ends
- Oct 2054
New loan
New conventional
$2,593/mo
+$68/mo- Down payment
- $33,900
- Funds due
- $42,863
- Interest + MI left
- $446,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,726 | $305,100 |
| Second mortgage | — | — |
| First P&I | $2,059.70 | $2,066.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.02 |
| Taxes, insurance & HOA | $465.58 | $465.58 |
| Total housing payment | $2,525.28 | $2,593.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,274
Closing costs & prepaids$11,603
Usable credit−$0
Total buyer cash needed$44,876
Earnest money paid−$0
Remaining funds due$44,876
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,528.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$519.40
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 10 moOf the original 30-year loan at 6.89%
Interest already paid$46,222Through Dec 2026
Assumption only · ends Oct 2054$382,213
New conventional · ends Jan 2057$446,107