Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,997/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,476
- Interest + MI left
- $225,178
- First ends
- Feb 2056
New loan
New conventional
$2,200/mo
+$203/mo- Down payment
- $27,500
- Funds due
- $35,310
- Interest + MI left
- $375,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,584 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,560.58 | $1,713.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.50 |
| Taxes, insurance & HOA | $436.67 | $436.67 |
| Total housing payment | $1,997.24 | $2,199.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,476
Usable credit−$0
Total buyer cash needed$10,476
Earnest money paid−$0
Remaining funds due$10,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,612.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$566.00
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$35.35
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 closing29 yr 3 moOf the original 30-year loan at 4.000%
Interest already paid$9,749Through Nov 2026
Assumption only · ends Feb 2056$225,178
New conventional · ends Dec 2056$375,350