Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,956/mo
Lowest payment- Down payment
- $15,599
- Funds due
- $27,800
- Interest + MI left
- $464,668
- First ends
- Dec 2054
New loan
New conventional
$3,035/mo
+$80/mo- Down payment
- $41,000
- Funds due
- $50,035
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,401 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,549.17 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $406.75 | $406.75 |
| Total housing payment | $2,955.92 | $3,035.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,599
Closing costs & prepaids$12,201
Usable credit−$0
Total buyer cash needed$27,800
Earnest money paid−$0
Remaining funds due$27,800
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,972.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$494.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$140.47
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$49,726Through Nov 2026
Assumption only · ends Dec 2054$464,668
New conventional · ends Dec 2056$559,613