Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,030/mo
Lowest payment- Down payment
- $21,229
- Funds due
- $31,488
- Interest + MI left
- $288,438
- First ends
- Sep 2054
New loan
New conventional
$2,059/mo
+$29/mo- Down payment
- $25,400
- Funds due
- $33,459
- Interest + MI left
- $334,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $232,771 | $228,600 |
| Second mortgage | — | — |
| First P&I | $1,565.19 | $1,548.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.72 |
| Taxes, insurance & HOA | $464.58 | $464.58 |
| Total housing payment | $2,029.78 | $2,058.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,229
Closing costs & prepaids$10,259
Usable credit−$0
Total buyer cash needed$31,488
Earnest money paid−$0
Remaining funds due$31,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,540.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,163.85
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$304.75
Initial HOA (3 months)$639.00
Prepaid interest, first (9 days)$393.73
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 6.86%
Interest already paid$36,408Through Dec 2026
Assumption only · ends Sep 2054$288,438
New conventional · ends Jan 2057$334,251