Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,245/mo
+$585/mo- Down payment
- $0
- Funds due
- $11,867
- Interest + MI left
- $513,600
- First ends
- Nov 2054
New loan
New conventional
$2,660/mo
Lowest payment- Down payment
- $35,600
- Funds due
- $44,042
- Interest + MI left
- $485,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $449,905 | $320,400 |
| Second mortgage | — | — |
| First P&I | $2,867.57 | $2,218.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.08 |
| Taxes, insurance & HOA | $377.58 | $377.58 |
| Total housing payment | $3,245.16 | $2,660.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,867
Usable credit−$0
Total buyer cash needed$11,867
Earnest money paid−$0
Remaining funds due$11,867
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,560.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,249.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$307.75
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$156.54
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 yrOf the original 30-year loan at 6.350%
Interest already paid$57,877Through Nov 2026
Assumption only · ends Nov 2054$513,600
New conventional · ends Dec 2056$485,908