Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,846/mo
+$127/mo- Down payment
- $18
- Funds due
- $11,448
- Interest + MI left
- $463,716
- First ends
- Sep 2054
New loan
New conventional
$2,718/mo
Lowest payment- Down payment
- $36,900
- Funds due
- $45,321
- Interest + MI left
- $503,652
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $368,982 | $332,100 |
| Second mortgage | — | — |
| First P&I | $2,493.11 | $2,299.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.42 |
| Taxes, insurance & HOA | $352.50 | $352.50 |
| Total housing payment | $2,845.61 | $2,718.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18
Closing costs & prepaids$11,430
Usable credit−$0
Total buyer cash needed$11,448
Earnest money paid−$0
Remaining funds due$11,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$295.50
Initial HOA (3 months)$312.00
Prepaid interest, first (1 days)$69.95
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$56,024Through Nov 2026
Assumption only · ends Sep 2054$463,716
New conventional · ends Dec 2056$503,652