Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,416/mo
+$282/mo- Down payment
- $0
- Funds due
- $10,325
- Interest + MI left
- $368,370
- First ends
- Jul 2055
New loan
New conventional
$2,134/mo
Lowest payment- Down payment
- $25,499
- Funds due
- $33,313
- Interest + MI left
- $348,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,978 | $229,491 |
| Second mortgage | — | — |
| First P&I | $1,916.71 | $1,588.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.90 |
| Taxes, insurance & HOA | $499.33 | $499.33 |
| Total housing payment | $2,416.04 | $2,134.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,325
Usable credit−$0
Total buyer cash needed$10,325
Earnest money paid−$0
Remaining funds due$10,325
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,549.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$253.00
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$53.89
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 closing28 yr 8 moOf the original 30-year loan at 6.760%
Interest already paid$26,432Through Nov 2026
Assumption only · ends Jul 2055$368,370
New conventional · ends Dec 2056$348,039