Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
+$176/mo- Down payment
- $0
- Funds due
- $9,786
- Interest + MI left
- $302,780
- First ends
- May 2054
New loan
New conventional
$1,945/mo
Lowest payment- Down payment
- $23,200
- Funds due
- $30,722
- Interest + MI left
- $316,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $246,153 | $208,800 |
| Second mortgage | — | — |
| First P&I | $1,663.43 | $1,445.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $41.76 |
| Taxes, insurance & HOA | $458.00 | $458.00 |
| Total housing payment | $2,121.43 | $1,945.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,786
Usable credit−$0
Total buyer cash needed$9,786
Earnest money paid−$0
Remaining funds due$9,786
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,230.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$159.00
Initial HOA (3 months)$765.00
Prepaid interest, first (2 days)$92.80
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 closing27 yr 6 moOf the original 30-year loan at 6.880%
Interest already paid$42,971Through Nov 2026
Assumption only · ends May 2054$302,780
New conventional · ends Dec 2056$316,659