Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,191/mo
+$5/mo- Down payment
- $2,055
- Funds due
- $12,822
- Interest + MI left
- $306,288
- First ends
- Aug 2056
New loan
New conventional
$2,186/mo
Lowest payment- Down payment
- $24,500
- Funds due
- $33,014
- Interest + MI left
- $322,407
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $242,945 | $220,500 |
| Second mortgage | — | — |
| First P&I | $1,542.79 | $1,493.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.10 |
| Taxes, insurance & HOA | $648.00 | $648.00 |
| Total housing payment | $2,190.79 | $2,185.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,055
Closing costs & prepaids$10,767
Usable credit−$0
Total buyer cash needed$12,822
Earnest money paid−$0
Remaining funds due$12,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,214.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$294.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (9 days)$389.98
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 closing29 yr 8 moOf the original 30-year loan at 6.51%
Interest already paid$5,284Through Dec 2026
Assumption only · ends Aug 2056$306,288
New conventional · ends Jan 2057$322,407