Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,963/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,681
- Interest + MI left
- $197,167
- First ends
- Nov 2055
New loan
New conventional
$2,281/mo
+$318/mo- Down payment
- $30,000
- Funds due
- $37,803
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,470 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,605.28 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $357.67 | $357.67 |
| Total housing payment | $1,962.95 | $2,281.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,681
Usable credit−$0
Total buyer cash needed$10,681
Earnest money paid−$0
Remaining funds due$10,681
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,807.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$353.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$32.19
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 closing29 yrOf the original 30-year loan at 3.250%
Interest already paid$11,878Through Nov 2026
Assumption only · ends Nov 2055$197,167
New conventional · ends Dec 2056$409,473