Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
+$155/mo- Down payment
- $0
- Funds due
- $9,640
- Interest + MI left
- $352,834
- First ends
- Aug 2054
New loan
New conventional
$1,979/mo
Lowest payment- Down payment
- $26,990
- Funds due
- $34,188
- Interest + MI left
- $368,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,043 | $242,910 |
| Second mortgage | — | — |
| First P&I | $1,885.52 | $1,681.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.58 |
| Taxes, insurance & HOA | $248.25 | $248.25 |
| Total housing payment | $2,133.76 | $1,978.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,640
Usable credit−$0
Total buyer cash needed$9,640
Earnest money paid−$0
Remaining funds due$9,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,375.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$232.25
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$53.20
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$44,253Through Nov 2026
Assumption only · ends Aug 2054$352,834
New conventional · ends Dec 2056$368,389