Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,871/mo
+$194/mo- Down payment
- $0
- Funds due
- $12,241
- Interest + MI left
- $331,719
- First ends
- Dec 2054
New loan
New conventional
$2,678/mo
Lowest payment- Down payment
- $31,699
- Funds due
- $40,853
- Interest + MI left
- $412,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,318 | $285,291 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $1,919.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.06 |
| Taxes, insurance & HOA | $701.42 | $701.42 |
| Total housing payment | $2,871.17 | $2,677.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$12,241
Earnest money paid−$0
Remaining funds due$12,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,169.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,986.59
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$808.25
Initial HOA (3 months)$846.00
Prepaid interest, first (4 days)$212.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing28 yrOf the original 30-year loan at 4.875%
Interest already paid$39,393Through Dec 2026
Assumption only · ends Dec 2054$331,719
New conventional · ends Jan 2057$412,286