Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
+$386/mo- Down payment
- $0
- Funds due
- $9,452
- Interest + MI left
- $384,751
- First ends
- Jul 2055
New loan
New conventional
$1,813/mo
Lowest payment- Down payment
- $24,990
- Funds due
- $31,893
- Interest + MI left
- $341,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $299,107 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,987.96 | $1,557.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.98 |
| Taxes, insurance & HOA | $211.25 | $211.25 |
| Total housing payment | $2,199.21 | $1,813.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,452
Usable credit−$0
Total buyer cash needed$9,452
Earnest money paid−$0
Remaining funds due$9,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,495.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$33.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$56.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.850%
Interest already paid$27,529Through Nov 2026
Assumption only · ends Jul 2055$384,751
New conventional · ends Dec 2056$341,091