Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,623
- Interest + MI left
- $220,765
- First ends
- Dec 2055
New loan
New conventional
$2,533/mo
+$400/mo- Down payment
- $35,000
- Funds due
- $43,690
- 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 | $404,731 | $315,000 |
| Second mortgage | — | — |
| First P&I | $1,797.40 | $2,133.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $335.67 | $335.67 |
| Total housing payment | $2,133.07 | $2,532.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,623
Usable credit−$0
Total buyer cash needed$11,623
Earnest money paid−$0
Remaining funds due$11,623
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%)$2,023.66
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)$137.01
Prepaid interest, first (9 days)$324.34
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 yrOf the original 30-year loan at 3.25%
Interest already paid$13,300Through Dec 2026
Assumption only · ends Dec 2055$220,765
New conventional · ends Jan 2057$460,582