Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,890/mo
+$385/mo- Down payment
- $0
- Funds due
- $11,905
- Interest + MI left
- $481,407
- First ends
- Dec 2055
New loan
New conventional
$2,506/mo
Lowest payment- Down payment
- $34,600
- Funds due
- $43,243
- Interest + MI left
- $455,318
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,206 | $311,400 |
| Second mortgage | — | — |
| First P&I | $2,556.36 | $2,109.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.28 |
| Taxes, insurance & HOA | $334.09 | $334.09 |
| Total housing payment | $2,890.44 | $2,505.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,905
Usable credit−$0
Total buyer cash needed$11,905
Earnest money paid−$0
Remaining funds due$11,905
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,041.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$415.25
Initial HOA (3 months)$137.01
Prepaid interest, first (9 days)$634.12
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 yrOf the original 30-year loan at 6.3%
Interest already paid$25,882Through Dec 2026
Assumption only · ends Dec 2055$481,407
New conventional · ends Jan 2057$455,318