Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
Lowest payment- Down payment
- $28,500
- Funds due
- $39,562
- Interest + MI left
- $347,496
- First ends
- Dec 2054
New loan
New conventional
$2,402/mo
+$122/mo- Down payment
- $32,450
- Funds due
- $40,957
- Interest + MI left
- $427,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,000 | $292,050 |
| Second mortgage | — | — |
| First P&I | $1,915.17 | $1,978.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.41 |
| Taxes, insurance & HOA | $364.83 | $364.83 |
| Total housing payment | $2,280.00 | $2,401.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,500
Closing costs & prepaids$11,062
Usable credit−$0
Total buyer cash needed$39,562
Earnest money paid−$0
Remaining funds due$39,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,480.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$389.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$474.41
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$38,964Through Dec 2026
Assumption only · ends Dec 2054$347,496
New conventional · ends Jan 2057$427,025