Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,597/mo
Lowest payment- Down payment
- $33,114
- Funds due
- $44,417
- Interest + MI left
- $433,626
- First ends
- Mar 2055
New loan
New conventional
$2,720/mo
+$123/mo- Down payment
- $37,500
- Funds due
- $45,935
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,886 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,280.92 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $315.91 | $315.91 |
| Total housing payment | $2,596.83 | $2,720.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,114
Closing costs & prepaids$11,303
Usable credit−$0
Total buyer cash needed$44,417
Earnest money paid−$0
Remaining funds due$44,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,709.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$262.75
Initial HOA (3 months)$234.99
Prepaid interest, first (2 days)$128.32
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 closing28 yr 4 moOf the original 30-year loan at 6.850%
Interest already paid$39,411Through Nov 2026
Assumption only · ends Mar 2055$433,626
New conventional · ends Dec 2056$511,841