Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,003/mo
+$7/mo- Down payment
- $0
- Funds due
- $10,189
- Interest + MI left
- $310,172
- First ends
- May 2056
New loan
New conventional
$1,996/mo
Lowest payment- Down payment
- $25,400
- Funds due
- $33,270
- Interest + MI left
- $334,251
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,135 | $228,600 |
| Second mortgage | — | — |
| First P&I | $1,601.44 | $1,548.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.72 |
| Taxes, insurance & HOA | $401.58 | $401.58 |
| Total housing payment | $2,003.02 | $1,995.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,189
Usable credit−$0
Total buyer cash needed$10,189
Earnest money paid−$0
Remaining funds due$10,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,540.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,275.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$304.75
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$400.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing29 yr 5 moOf the original 30-year loan at 6.37%
Interest already paid$9,517Through Dec 2026
Assumption only · ends May 2056$310,172
New conventional · ends Jan 2057$334,251