Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
+$583/mo- Down payment
- $0
- Funds due
- $9,747
- Interest + MI left
- $330,594
- First ends
- Feb 2054
New loan
New conventional
$1,654/mo
Lowest payment- Down payment
- $19,000
- Funds due
- $26,371
- Interest + MI left
- $250,030
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $248,169 | $171,000 |
| Second mortgage | — | — |
| First P&I | $1,775.35 | $1,158.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $34.20 |
| Taxes, insurance & HOA | $461.00 | $461.00 |
| Total housing payment | $2,236.35 | $1,653.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,747
Usable credit−$0
Total buyer cash needed$9,747
Earnest money paid−$0
Remaining funds due$9,747
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,240.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$228.00
Initial HOA (3 months)$705.00
Prepaid interest, first (9 days)$455.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 7.44%
Interest already paid$53,126Through Dec 2026
Assumption only · ends Feb 2054$330,594
New conventional · ends Jan 2057$250,030