Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,022/mo
+$174/mo- Down payment
- $0
- Funds due
- $11,877
- Interest + MI left
- $451,256
- First ends
- Mar 2054
New loan
New conventional
$2,847/mo
Lowest payment- Down payment
- $36,500
- Funds due
- $45,348
- Interest + MI left
- $498,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,464 | $328,500 |
| Second mortgage | — | — |
| First P&I | $2,514.39 | $2,274.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.70 |
| Taxes, insurance & HOA | $507.17 | $507.17 |
| Total housing payment | $3,021.56 | $2,847.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,877
Usable credit−$0
Total buyer cash needed$11,877
Earnest money paid−$0
Remaining funds due$11,877
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,867.32
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$864.50
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$69.78
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 closing27 yr 4 moOf the original 30-year loan at 6.820%
Interest already paid$69,024Through Nov 2026
Assumption only · ends Mar 2054$451,256
New conventional · ends Dec 2056$498,192