Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,090/mo
+$523/mo- Down payment
- $0
- Funds due
- $11,505
- Interest + MI left
- $489,561
- First ends
- Oct 2054
New loan
New conventional
$2,568/mo
Lowest payment- Down payment
- $35,300
- Funds due
- $43,429
- Interest + MI left
- $481,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $443,715 | $317,700 |
| Second mortgage | — | — |
| First P&I | $2,785.90 | $2,199.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.54 |
| Taxes, insurance & HOA | $304.33 | $304.33 |
| Total housing payment | $3,090.23 | $2,567.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,505
Usable credit−$0
Total buyer cash needed$11,505
Earnest money paid−$0
Remaining funds due$11,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,530.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,218.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$277.00
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$75.25
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 11 moOf the original 30-year loan at 6.190%
Interest already paid$58,017Through Nov 2026
Assumption only · ends Oct 2054$489,561
New conventional · ends Dec 2056$481,813