Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,156/mo
+$295/mo- Down payment
- $0
- Funds due
- $10,071
- Interest + MI left
- $301,369
- First ends
- May 2054
New loan
New conventional
$1,861/mo
Lowest payment- Down payment
- $21,800
- Funds due
- $29,561
- Interest + MI left
- $286,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,901 | $196,200 |
| Second mortgage | — | — |
| First P&I | $1,663.43 | $1,329.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.24 |
| Taxes, insurance & HOA | $492.17 | $492.17 |
| Total housing payment | $2,155.60 | $1,860.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,071
Usable credit−$0
Total buyer cash needed$10,071
Earnest money paid−$0
Remaining funds due$10,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,229.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$261.50
Initial HOA (3 months)$765.00
Prepaid interest, first (9 days)$417.16
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 closing27 yr 5 moOf the original 30-year loan at 6.88%
Interest already paid$44,383Through Dec 2026
Assumption only · ends May 2054$301,369
New conventional · ends Jan 2057$286,877