Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,445
- Interest + MI left
- $335,830
- First ends
- Jul 2056
New loan
New conventional
$2,249/mo
+$13/mo- Down payment
- $26,900
- Funds due
- $34,917
- Interest + MI left
- $367,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,446 | $242,100 |
| Second mortgage | — | — |
| First P&I | $1,711.45 | $1,676.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.42 |
| Taxes, insurance & HOA | $524.08 | $524.08 |
| Total housing payment | $2,235.53 | $2,248.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,445
Usable credit−$0
Total buyer cash needed$10,445
Earnest money paid−$0
Remaining funds due$10,445
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,367.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.25
Initial HOA (3 months)$798.00
Prepaid interest, first (1 days)$47.72
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 closing29 yr 8 moOf the original 30-year loan at 6.370%
Interest already paid$5,820Through Nov 2026
Assumption only · ends Jul 2056$335,830
New conventional · ends Dec 2056$367,161