Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
Lowest payment- Down payment
- $12,382
- Funds due
- $23,971
- Interest + MI left
- $392,603
- First ends
- Nov 2054
New loan
New conventional
$2,560/mo
+$11/mo- Down payment
- $34,800
- Funds due
- $43,587
- Interest + MI left
- $457,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,618 | $313,200 |
| Second mortgage | — | — |
| First P&I | $2,173.80 | $2,121.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.64 |
| Taxes, insurance & HOA | $375.17 | $375.17 |
| Total housing payment | $2,548.96 | $2,559.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,382
Closing costs & prepaids$11,590
Usable credit−$0
Total buyer cash needed$23,971
Earnest money paid−$0
Remaining funds due$23,971
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,678.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$417.50
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$537.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.5%
Interest already paid$46,045Through Dec 2026
Assumption only · ends Nov 2054$392,603
New conventional · ends Jan 2057$457,950