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
- $16,834
- Funds due
- $28,634
- Interest + MI left
- $447,908
- First ends
- Jan 2055
New loan
New conventional
$2,892/mo
+$105/mo- Down payment
- $39,990
- Funds due
- $48,693
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,066 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,458.50 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $327.58 | $327.58 |
| Total housing payment | $2,786.09 | $2,891.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,834
Closing costs & prepaids$11,800
Usable credit−$0
Total buyer cash needed$28,634
Earnest money paid−$0
Remaining funds due$28,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,915.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$322.75
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$135.18
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 2 moOf the original 30-year loan at 6.440%
Interest already paid$45,751Through Nov 2026
Assumption only · ends Jan 2055$447,908
New conventional · ends Dec 2056$545,828