Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,678/mo
+$51/mo- Down payment
- $11,960
- Funds due
- $23,687
- Interest + MI left
- $363,925
- First ends
- Apr 2055
New loan
New conventional
$2,627/mo
Lowest payment- Down payment
- $29,490
- Funds due
- $38,707
- Interest + MI left
- $388,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,940 | $265,410 |
| Second mortgage | — | — |
| First P&I | $1,902.54 | $1,797.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.08 |
| Taxes, insurance & HOA | $775.67 | $775.67 |
| Total housing payment | $2,678.21 | $2,626.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,960
Closing costs & prepaids$11,727
Usable credit−$0
Total buyer cash needed$23,687
Earnest money paid−$0
Remaining funds due$23,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,414.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$752.00
Initial HOA (3 months)$1,125.00
Prepaid interest, first (5 days)$268.60
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 closing28 yr 4 moOf the original 30-year loan at 6.93%
Interest already paid$32,992Through Dec 2026
Assumption only · ends Apr 2055$363,925
New conventional · ends Jan 2057$388,073