Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,780/mo
+$44/mo- Down payment
- $20,709
- Funds due
- $32,773
- Interest + MI left
- $433,381
- First ends
- Sep 2054
New loan
New conventional
$2,736/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,677
- Interest + MI left
- $480,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,291 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,335.35 | $2,225.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.70 |
| Taxes, insurance & HOA | $445.00 | $445.00 |
| Total housing payment | $2,780.35 | $2,736.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,709
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$32,773
Earnest money paid−$0
Remaining funds due$32,773
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,721.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.00
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$590.01
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$54,546Through Dec 2026
Assumption only · ends Sep 2054$433,381
New conventional · ends Jan 2057$480,321