Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,717/mo
+$519/mo- Down payment
- $0
- Funds due
- $11,075
- Interest + MI left
- $320,305
- First ends
- Oct 2050
New loan
New conventional
$2,199/mo
Lowest payment- Down payment
- $27,990
- Funds due
- $36,256
- Interest + MI left
- $368,334
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,473 | $251,910 |
| Second mortgage | — | — |
| First P&I | $2,275.45 | $1,706.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.38 |
| Taxes, insurance & HOA | $442.00 | $442.00 |
| Total housing payment | $2,717.45 | $2,198.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,075
Usable credit−$0
Total buyer cash needed$11,075
Earnest money paid−$0
Remaining funds due$11,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,652.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$529.66
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 closing23 yr 10 moOf the original 25-year loan at 6.5%
Interest already paid$25,329Through Dec 2026
Assumption only · ends Oct 2050$320,305
New conventional · ends Jan 2057$368,334