Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $5,120
- Funds due
- $15,352
- Interest + MI left
- $277,285
- First ends
- May 2055
New loan
New conventional
$2,036/mo
+$71/mo- Down payment
- $26,000
- Funds due
- $33,941
- Interest + MI left
- $342,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $254,880 | $234,000 |
| Second mortgage | — | — |
| First P&I | $1,560.60 | $1,585.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.80 |
| Taxes, insurance & HOA | $404.00 | $404.00 |
| Total housing payment | $1,964.60 | $2,036.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,120
Closing costs & prepaids$10,232
Usable credit−$0
Total buyer cash needed$15,352
Earnest money paid−$0
Remaining funds due$15,352
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,274.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$312.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$377.71
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 5 moOf the original 29-year loan at 6.01%
Interest already paid$8,975Through Dec 2026
Assumption only · ends May 2055$277,285
New conventional · ends Jan 2057$342,147