Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
+$254/mo- Down payment
- $0
- Funds due
- $11,249
- Interest + MI left
- $439,831
- First ends
- Jan 2055
New loan
New conventional
$2,527/mo
Lowest payment- Down payment
- $33,500
- Funds due
- $41,751
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,997 | $301,500 |
| Second mortgage | — | — |
| First P&I | $2,401.86 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $379.42 | $379.42 |
| Total housing payment | $2,781.28 | $2,527.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,249
Usable credit−$0
Total buyer cash needed$11,249
Earnest money paid−$0
Remaining funds due$11,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,859.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$427.25
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$132.49
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 closing28 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$44,838Through Nov 2026
Assumption only · ends Jan 2055$439,831
New conventional · ends Dec 2056$457,245