Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,382/mo
+$651/mo- Down payment
- $0
- Funds due
- $10,017
- Interest + MI left
- $103,177
- First ends
- Nov 2046
New loan
New conventional
$1,730/mo
Lowest payment- Down payment
- $16,800
- Funds due
- $24,307
- Interest + MI left
- $229,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,681 | $151,200 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,046.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $30.24 |
| Taxes, insurance & HOA | $653.00 | $653.00 |
| Total housing payment | $2,381.58 | $1,730.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,017
Usable credit−$0
Total buyer cash needed$10,017
Earnest money paid−$0
Remaining funds due$10,017
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,680.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,558.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$1,089.00
Prepaid interest, first (2 days)$51.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing20 yrOf the original 30-year loan at 3.000%
Interest already paid$109,110Through Nov 2026
Assumption only · ends Nov 2046$103,177
New conventional · ends Dec 2056$229,305