Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,281/mo
+$740/mo- Down payment
- $0
- Funds due
- $9,235
- Interest + MI left
- $311,893
- First ends
- Dec 2052
New loan
New conventional
$1,541/mo
Lowest payment- Down payment
- $17,900
- Funds due
- $24,731
- Interest + MI left
- $244,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $278,876 | $161,100 |
| Second mortgage | — | — |
| First P&I | $1,887.44 | $1,115.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $32.22 |
| Taxes, insurance & HOA | $393.25 | $393.25 |
| Total housing payment | $2,280.69 | $1,540.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,235
Usable credit−$0
Total buyer cash needed$9,235
Earnest money paid−$0
Remaining funds due$9,235
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$579.75
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$102.38
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 closing26 yr 1 moOf the original 30-year loan at 6.700%
Interest already paid$75,085Through Nov 2026
Assumption only · ends Dec 2052$311,893
New conventional · ends Dec 2056$244,319