Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,829/mo
+$128/mo- Down payment
- $5,793
- Funds due
- $17,249
- Interest + MI left
- $442,271
- First ends
- Feb 2054
New loan
New conventional
$2,702/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,527
- Interest + MI left
- $491,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $354,207 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,435.71 | $2,243.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $393.58 | $393.58 |
| Total housing payment | $2,829.30 | $2,701.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,793
Closing costs & prepaids$11,456
Usable credit−$0
Total buyer cash needed$17,249
Earnest money paid−$0
Remaining funds due$17,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,771.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$472.75
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$136.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 7.030%
Interest already paid$69,585Through Nov 2026
Assumption only · ends Feb 2054$442,271
New conventional · ends Dec 2056$491,368