Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,075/mo
+$631/mo- Down payment
- $0
- Funds due
- $13,659
- Interest + MI left
- $669,717
- First ends
- Feb 2054
New loan
New conventional
$3,444/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,884
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,884 | $414,000 |
| Second mortgage | — | — |
| First P&I | $3,579.82 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $494.92 | $494.92 |
| Total housing payment | $4,074.74 | $3,444.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,659
Usable credit−$0
Total buyer cash needed$13,659
Earnest money paid−$0
Remaining funds due$13,659
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,504.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$699.75
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$102.10
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$104,018Through Nov 2026
Assumption only · ends Feb 2054$669,717
New conventional · ends Dec 2056$627,859