Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,641/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,157
- Interest + MI left
- $351,261
- First ends
- Nov 2055
New loan
New conventional
$2,939/mo
+$299/mo- Down payment
- $38,499
- Funds due
- $47,492
- Interest + MI left
- $525,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,813 | $346,491 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $2,399.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $470.83 | $470.83 |
| Total housing payment | $2,640.59 | $2,939.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,157
Usable credit−$0
Total buyer cash needed$12,157
Earnest money paid−$0
Remaining funds due$12,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,019.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$80.50
Initial HOA (3 months)$882.00
Prepaid interest, first (2 days)$107.87
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 4.875%
Interest already paid$19,850Through Nov 2026
Assumption only · ends Nov 2055$351,261
New conventional · ends Dec 2056$525,477