Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,445/mo
+$254/mo- Down payment
- $0
- Funds due
- $10,847
- Interest + MI left
- $298,279
- First ends
- Sep 2054
New loan
New conventional
$2,192/mo
Lowest payment- Down payment
- $21,490
- Funds due
- $30,117
- Interest + MI left
- $282,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $235,328 | $193,410 |
| Second mortgage | — | — |
| First P&I | $1,602.43 | $1,310.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.68 |
| Taxes, insurance & HOA | $842.67 | $842.67 |
| Total housing payment | $2,445.09 | $2,191.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,847
Usable credit−$0
Total buyer cash needed$10,847
Earnest money paid−$0
Remaining funds due$10,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,176.64
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$548.00
Initial HOA (3 months)$1,530.00
Prepaid interest, first (5 days)$225.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 6.99%
Interest already paid$37,494Through Dec 2026
Assumption only · ends Sep 2054$298,279
New conventional · ends Jan 2057$282,797