Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
+$196/mo- Down payment
- $0
- Funds due
- $10,753
- Interest + MI left
- $434,180
- First ends
- Sep 2054
New loan
New conventional
$2,423/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $41,378
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,512 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,343.39 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $275.50 | $275.50 |
| Total housing payment | $2,618.89 | $2,423.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,753
Usable credit−$0
Total buyer cash needed$10,753
Earnest money paid−$0
Remaining funds due$10,753
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,742.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$290.50
Initial HOA (3 months)$86.01
Prepaid interest, first (1 days)$65.60
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$52,540Through Nov 2026
Assumption only · ends Sep 2054$434,180
New conventional · ends Dec 2056$457,245