Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
+$385/mo- Down payment
- $0
- Funds due
- $11,611
- Interest + MI left
- $440,987
- First ends
- Nov 2055
New loan
New conventional
$2,558/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $38,599
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,148 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,302.11 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $641.17 | $641.17 |
| Total housing payment | $2,943.28 | $2,558.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,611
Usable credit−$0
Total buyer cash needed$11,611
Earnest money paid−$0
Remaining funds due$11,611
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,800.74
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)$609.00
Prepaid interest, first (2 days)$128.27
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$23,554Through Nov 2026
Assumption only · ends Nov 2055$440,987
New conventional · ends Dec 2056$408,108