Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,531/mo
+$25/mo- Down payment
- $3,394
- Funds due
- $14,971
- Interest + MI left
- $364,371
- First ends
- Jun 2055
New loan
New conventional
$2,505/mo
Lowest payment- Down payment
- $30,725
- Funds due
- $39,686
- Interest + MI left
- $404,325
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,856 | $276,525 |
| Second mortgage | — | — |
| First P&I | $1,953.88 | $1,873.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.31 |
| Taxes, insurance & HOA | $576.92 | $576.92 |
| Total housing payment | $2,530.80 | $2,505.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,394
Closing costs & prepaids$11,578
Usable credit−$0
Total buyer cash needed$14,971
Earnest money paid−$0
Remaining funds due$14,971
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,072.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,519.28
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$368.75
Initial HOA (3 months)$912.00
Prepaid interest, first (9 days)$487.00
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 yr 6 moOf the original 30-year loan at 6.5%
Interest already paid$29,901Through Dec 2026
Assumption only · ends Jun 2055$364,371
New conventional · ends Jan 2057$404,325