Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,670/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,288
- Interest + MI left
- $222,858
- First ends
- Mar 2054
New loan
New conventional
$2,837/mo
+$167/mo- Down payment
- $28,000
- Funds due
- $37,672
- Interest + MI left
- $382,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $311,272 | $251,995 |
| Second mortgage | — | — |
| First P&I | $1,628.44 | $1,744.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $1,042.00 | $1,042.00 |
| Total housing payment | $2,670.44 | $2,837.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,288
Usable credit−$0
Total buyer cash needed$12,288
Earnest money paid−$0
Remaining funds due$12,288
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,556.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,332.00
Initial HOA (3 months)$1,344.00
Prepaid interest, first (1 days)$37.31
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 4.375%
Interest already paid$37,227Through Nov 2026
Assumption only · ends Mar 2054$222,858
New conventional · ends Dec 2056$382,167