Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,536/mo
+$246/mo- Down payment
- $0
- Funds due
- $10,410
- Interest + MI left
- $418,524
- First ends
- Mar 2054
New loan
New conventional
$2,291/mo
Lowest payment- Down payment
- $30,900
- Funds due
- $38,641
- Interest + MI left
- $421,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,862 | $278,100 |
| Second mortgage | — | — |
| First P&I | $2,226.79 | $1,925.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.62 |
| Taxes, insurance & HOA | $309.58 | $309.58 |
| Total housing payment | $2,536.37 | $2,290.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,410
Usable credit−$0
Total buyer cash needed$10,410
Earnest money paid−$0
Remaining funds due$10,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,559.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$232.75
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$63.57
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 closing27 yr 4 moOf the original 30-year loan at 7.440%
Interest already paid$62,769Through Nov 2026
Assumption only · ends Mar 2054$418,524
New conventional · ends Dec 2056$421,757