Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
Lowest payment- Down payment
- $28,028
- Funds due
- $39,630
- Interest + MI left
- $437,409
- First ends
- Mar 2054
New loan
New conventional
$2,823/mo
+$46/mo- Down payment
- $38,499
- Funds due
- $47,144
- Interest + MI left
- $525,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,962 | $346,491 |
| Second mortgage | — | — |
| First P&I | $2,421.86 | $2,399.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $354.75 | $354.75 |
| Total housing payment | $2,776.61 | $2,823.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,028
Closing costs & prepaids$11,602
Usable credit−$0
Total buyer cash needed$39,630
Earnest money paid−$0
Remaining funds due$39,630
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,784.81
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$281.25
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$134.96
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 4 moOf the original 30-year loan at 6.900%
Interest already paid$66,733Through Nov 2026
Assumption only · ends Mar 2054$437,409
New conventional · ends Dec 2056$525,477