Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,198/mo
+$392/mo- Down payment
- $0
- Funds due
- $9,648
- Interest + MI left
- $71,890
- First ends
- Apr 2043
New loan
New conventional
$1,806/mo
Lowest payment- Down payment
- $20,850
- Funds due
- $28,185
- Interest + MI left
- $284,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $268,640 | $187,650 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,299.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $37.53 |
| Taxes, insurance & HOA | $469.17 | $469.17 |
| Total housing payment | $2,197.74 | $1,805.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,648
Usable credit−$0
Total buyer cash needed$9,648
Earnest money paid−$0
Remaining funds due$9,648
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,085.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,343.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$228.50
Initial HOA (3 months)$729.00
Prepaid interest, first (2 days)$44.16
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 closing16 yr 5 moOf the original 30-year loan at 3.000%
Interest already paid$140,398Through Nov 2026
Assumption only · ends Apr 2043$71,890
New conventional · ends Dec 2056$284,584