Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
Lowest payment- Down payment
- $16,514
- Funds due
- $28,639
- Interest + MI left
- $372,406
- First ends
- Nov 2054
New loan
New conventional
$2,824/mo
+$70/mo- Down payment
- $34,390
- Funds due
- $43,761
- Interest + MI left
- $452,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,386 | $309,510 |
| Second mortgage | — | — |
| First P&I | $2,088.93 | $2,096.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.90 |
| Taxes, insurance & HOA | $665.33 | $665.33 |
| Total housing payment | $2,754.27 | $2,823.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,514
Closing costs & prepaids$12,125
Usable credit−$0
Total buyer cash needed$28,639
Earnest money paid−$0
Remaining funds due$28,639
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,439.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,636.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$877.00
Initial HOA (3 months)$669.00
Prepaid interest, first (5 days)$284.78
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$43,895Through Dec 2026
Assumption only · ends Nov 2054$372,406
New conventional · ends Jan 2057$452,555