Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,080/mo
+$209/mo- Down payment
- $0
- Funds due
- $12,072
- Interest + MI left
- $417,446
- First ends
- Sep 2053
New loan
New conventional
$2,871/mo
Lowest payment- Down payment
- $34,400
- Funds due
- $43,530
- Interest + MI left
- $469,529
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,176 | $309,600 |
| Second mortgage | — | — |
| First P&I | $2,414.97 | $2,143.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.92 |
| Taxes, insurance & HOA | $665.50 | $665.50 |
| Total housing payment | $3,080.47 | $2,871.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,072
Usable credit−$0
Total buyer cash needed$12,072
Earnest money paid−$0
Remaining funds due$12,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,800.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$451.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (1 days)$66.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing26 yr 10 moOf the original 30-year loan at 6.710%
Interest already paid$78,076Through Nov 2026
Assumption only · ends Sep 2053$417,446
New conventional · ends Dec 2056$469,529