Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $20,590
- Funds due
- $30,590
- Interest + MI left
- $313,286
- First ends
- Jul 2055
New loan
New conventional
$2,122/mo
+$78/mo- Down payment
- $26,500
- Funds due
- $34,225
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $244,410 | $238,500 |
| Second mortgage | — | — |
| First P&I | $1,621.21 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.70 |
| Taxes, insurance & HOA | $422.92 | $422.92 |
| Total housing payment | $2,044.13 | $2,121.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,590
Closing costs & prepaids$10,000
Usable credit−$0
Total buyer cash needed$30,590
Earnest money paid−$0
Remaining funds due$30,590
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,222.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$158.75
Initial HOA (3 months)$660.00
Prepaid interest, first (2 days)$91.47
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 8 moOf the original 30-year loan at 6.830%
Interest already paid$22,430Through Nov 2026
Assumption only · ends Jul 2055$313,286
New conventional · ends Dec 2056$361,701