Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,650/mo
+$335/mo- Down payment
- $0
- Funds due
- $11,219
- Interest + MI left
- $432,184
- First ends
- Sep 2054
New loan
New conventional
$2,315/mo
Lowest payment- Down payment
- $32,000
- Funds due
- $40,285
- Interest + MI left
- $421,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $348,163 | $288,000 |
| Second mortgage | — | — |
| First P&I | $2,343.39 | $1,951.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.60 |
| Taxes, insurance & HOA | $306.67 | $306.67 |
| Total housing payment | $2,650.06 | $2,315.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,219
Usable credit−$0
Total buyer cash needed$11,219
Earnest money paid−$0
Remaining funds due$11,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,740.82
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$384.00
Initial HOA (3 months)$86.01
Prepaid interest, first (9 days)$589.78
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 9 moOf the original 30-year loan at 6.87%
Interest already paid$54,535Through Dec 2026
Assumption only · ends Sep 2054$432,184
New conventional · ends Jan 2057$421,104