Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,984/mo
+$489/mo- Down payment
- $0
- Funds due
- $11,242
- Interest + MI left
- $478,010
- First ends
- Oct 2054
New loan
New conventional
$2,494/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $40,683
- Interest + MI left
- $443,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,662 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,572.15 | $2,024.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.48 |
| Taxes, insurance & HOA | $411.42 | $411.42 |
| Total housing payment | $2,983.57 | $2,494.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,242
Usable credit−$0
Total buyer cash needed$11,242
Earnest money paid−$0
Remaining funds due$11,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,918.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$514.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$72.00
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$55,426Through Nov 2026
Assumption only · ends Oct 2054$478,010
New conventional · ends Dec 2056$443,459