Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,419/mo
+$377/mo- Down payment
- $0
- Funds due
- $10,644
- Interest + MI left
- $368,261
- First ends
- Nov 2054
New loan
New conventional
$2,042/mo
Lowest payment- Down payment
- $26,900
- Funds due
- $34,785
- Interest + MI left
- $353,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,742 | $242,100 |
| Second mortgage | — | — |
| First P&I | $2,065.68 | $1,640.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.42 |
| Taxes, insurance & HOA | $353.58 | $353.58 |
| Total housing payment | $2,419.26 | $2,042.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,644
Usable credit−$0
Total buyer cash needed$10,644
Earnest money paid−$0
Remaining funds due$10,644
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,618.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$322.75
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$506.90
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$43,407Through Dec 2026
Assumption only · ends Nov 2054$368,261
New conventional · ends Jan 2057$353,990