Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$881/mo
+$424/mo- Down payment
- $0
- Funds due
- $6,420
- Interest + MI left
- $62,747
- First ends
- Nov 2049
New loan
New conventional
$458/mo
Lowest payment- Down payment
- $4,500
- Funds due
- $9,403
- Interest + MI left
- $61,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $133,794 | $40,500 |
| Second mortgage | — | — |
| First P&I | $712.10 | $280.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $8.10 |
| Taxes, insurance & HOA | $169.00 | $169.00 |
| Total housing payment | $881.10 | $457.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,420
Usable credit−$0
Total buyer cash needed$6,420
Earnest money paid−$0
Remaining funds due$6,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$668.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$57.00
Prepaid interest, first (2 days)$26.25
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 closing23 yrOf the original 30-year loan at 3.580%
Interest already paid$36,594Through Nov 2026
Assumption only · ends Nov 2049$62,747
New conventional · ends Dec 2056$61,421