Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,582
- Interest + MI left
- $199,370
- First ends
- Jan 2056
New loan
New conventional
$2,597/mo
+$582/mo- Down payment
- $35,000
- Funds due
- $43,883
- Interest + MI left
- $460,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,327 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,615.18 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $400.00 | $400.00 |
| Total housing payment | $2,015.18 | $2,596.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$11,582
Earnest money paid−$0
Remaining funds due$11,582
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,821.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$291.96
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 closing29 yr 1 moOf the original 30-year loan at 3.25%
Interest already paid$10,965Through Dec 2026
Assumption only · ends Jan 2056$199,370
New conventional · ends Jan 2057$460,582