Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,021/mo
+$2,021/mo- Down payment
- $0
- Funds due
- $8,911
- Interest + MI left
- $504,146
- First ends
- Nov 2054
New loan
New conventional
$1,000/mo
Lowest payment- Down payment
- $12,500
- Funds due
- $18,218
- Interest + MI left
- $170,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,134 | $112,500 |
| Second mortgage | — | — |
| First P&I | $2,822.26 | $778.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $22.50 |
| Taxes, insurance & HOA | $198.33 | $198.33 |
| Total housing payment | $3,020.59 | $999.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,911
Usable credit−$0
Total buyer cash needed$8,911
Earnest money paid−$0
Remaining funds due$8,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,220.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$145.00
Prepaid interest, first (1 days)$76.90
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 yrOf the original 30-year loan at 6.320%
Interest already paid$56,868Through Nov 2026
Assumption only · ends Nov 2054$504,146
New conventional · ends Dec 2056$170,614