Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,603/mo
+$301/mo- Down payment
- $0
- Funds due
- $10,687
- Interest + MI left
- $421,800
- First ends
- Feb 2055
New loan
New conventional
$2,301/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $37,827
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,252 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,218.44 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $384.08 | $384.08 |
| Total housing payment | $2,602.52 | $2,301.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,687
Usable credit−$0
Total buyer cash needed$10,687
Earnest money paid−$0
Remaining funds due$10,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$125.04
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 3 moOf the original 30-year loan at 6.910%
Interest already paid$40,339Through Nov 2026
Assumption only · ends Feb 2055$421,800
New conventional · ends Dec 2056$408,108