Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,937/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,101
- Interest + MI left
- $349,620
- First ends
- Nov 2055
New loan
New conventional
$3,136/mo
+$199/mo- Down payment
- $37,999
- Funds due
- $47,961
- Interest + MI left
- $494,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,284 | $341,991 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $2,300.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $767.00 | $767.00 |
| Total housing payment | $2,936.75 | $3,135.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,101
Usable credit−$0
Total buyer cash needed$13,101
Earnest money paid−$0
Remaining funds due$13,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,016.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$969.00
Initial HOA (3 months)$882.00
Prepaid interest, first (4 days)$215.45
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 yr 11 moOf the original 30-year loan at 4.875%
Interest already paid$21,491Through Dec 2026
Assumption only · ends Nov 2055$349,620
New conventional · ends Jan 2057$494,226