Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,971/mo
+$510/mo- Down payment
- $0
- Funds due
- $11,828
- Interest + MI left
- $456,518
- First ends
- Apr 2054
New loan
New conventional
$2,461/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,641
- Interest + MI left
- $434,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,151 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,581.31 | $2,011.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $390.00 | $390.00 |
| Total housing payment | $2,971.31 | $2,461.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,828
Usable credit−$0
Total buyer cash needed$11,828
Earnest money paid−$0
Remaining funds due$11,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,950.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$638.78
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 4 moOf the original 30-year loan at 6.64%
Interest already paid$70,243Through Dec 2026
Assumption only · ends Apr 2054$456,518
New conventional · ends Jan 2057$434,263