Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,786/mo
Lowest payment- Down payment
- $29,346
- Funds due
- $41,275
- Interest + MI left
- $435,512
- First ends
- Dec 2054
New loan
New conventional
$2,955/mo
+$169/mo- Down payment
- $39,900
- Funds due
- $48,803
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,654 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,389.22 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $397.08 | $397.08 |
| Total housing payment | $2,786.30 | $2,955.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,346
Closing costs & prepaids$11,929
Usable credit−$0
Total buyer cash needed$41,275
Earnest money paid−$0
Remaining funds due$41,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,848.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$465.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$131.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 6.500%
Interest already paid$46,606Through Nov 2026
Assumption only · ends Dec 2054$435,512
New conventional · ends Dec 2056$544,599