Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,919/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,520
- Interest + MI left
- $224,102
- First ends
- Feb 2056
New loan
New conventional
$2,084/mo
+$166/mo- Down payment
- $27,500
- Funds due
- $35,462
- Interest + MI left
- $361,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,099 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,560.58 | $1,676.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.50 |
| Taxes, insurance & HOA | $358.00 | $358.00 |
| Total housing payment | $1,918.58 | $2,084.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,520
Usable credit−$0
Total buyer cash needed$10,520
Earnest money paid−$0
Remaining funds due$10,520
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%)$1,610.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$330.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$317.69
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 closing29 yr 2 moOf the original 30-year loan at 4%
Interest already paid$10,825Through Dec 2026
Assumption only · ends Feb 2056$224,102
New conventional · ends Jan 2057$361,886