Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $22,860
- Funds due
- $33,658
- Interest + MI left
- $343,688
- First ends
- Mar 2054
New loan
New conventional
$2,457/mo
+$81/mo- Down payment
- $31,500
- Funds due
- $39,738
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,140 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,938.50 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $437.67 | $437.67 |
| Total housing payment | $2,376.17 | $2,457.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,860
Closing costs & prepaids$10,798
Usable credit−$0
Total buyer cash needed$33,658
Earnest money paid−$0
Remaining funds due$33,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,460.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$197.00
Initial HOA (3 months)$666.00
Prepaid interest, first (2 days)$106.77
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 closing27 yr 4 moOf the original 30-year loan at 6.670%
Interest already paid$52,830Through Nov 2026
Assumption only · ends Mar 2054$343,688
New conventional · ends Dec 2056$429,947