Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,483/mo
+$375/mo- Down payment
- $0
- Funds due
- $10,720
- Interest + MI left
- $309,881
- First ends
- May 2054
New loan
New conventional
$2,108/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $29,877
- Interest + MI left
- $282,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $257,339 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,724.07 | $1,310.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.70 |
| Taxes, insurance & HOA | $758.75 | $758.75 |
| Total housing payment | $2,482.82 | $2,108.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,720
Usable credit−$0
Total buyer cash needed$10,720
Earnest money paid−$0
Remaining funds due$10,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,286.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$548.25
Initial HOA (3 months)$1,278.00
Prepaid interest, first (5 days)$239.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 5 moOf the original 30-year loan at 6.78%
Interest already paid$45,785Through Dec 2026
Assumption only · ends May 2054$309,881
New conventional · ends Jan 2057$282,929