Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
+$451/mo- Down payment
- $0
- Funds due
- $10,110
- Interest + MI left
- $383,044
- First ends
- Jul 2055
New loan
New conventional
$1,835/mo
Lowest payment- Down payment
- $24,490
- Funds due
- $31,953
- Interest + MI left
- $322,276
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $298,826 | $220,410 |
| Second mortgage | — | — |
| First P&I | $1,987.96 | $1,493.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.08 |
| Taxes, insurance & HOA | $298.00 | $298.00 |
| Total housing payment | $2,285.96 | $1,835.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,110
Usable credit−$0
Total buyer cash needed$10,110
Earnest money paid−$0
Remaining funds due$10,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,494.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$294.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$504.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.85%
Interest already paid$29,236Through Dec 2026
Assumption only · ends Jul 2055$383,044
New conventional · ends Jan 2057$322,276