Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,316/mo
+$341/mo- Down payment
- $0
- Funds due
- $9,941
- Interest + MI left
- $369,976
- First ends
- Nov 2054
New loan
New conventional
$1,975/mo
Lowest payment- Down payment
- $26,900
- Funds due
- $34,144
- Interest + MI left
- $367,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $324,093 | $242,100 |
| Second mortgage | — | — |
| First P&I | $2,065.68 | $1,676.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.42 |
| Taxes, insurance & HOA | $249.92 | $249.92 |
| Total housing payment | $2,315.60 | $1,974.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,941
Usable credit−$0
Total buyer cash needed$9,941
Earnest money paid−$0
Remaining funds due$9,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,620.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$11.75
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$112.77
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 yrOf the original 30-year loan at 6.350%
Interest already paid$41,692Through Nov 2026
Assumption only · ends Nov 2054$369,976
New conventional · ends Dec 2056$367,161