Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,882/mo
+$200/mo- Down payment
- $0
- Funds due
- $12,130
- Interest + MI left
- $451,187
- First ends
- Nov 2054
New loan
New conventional
$2,682/mo
Lowest payment- Down payment
- $36,750
- Funds due
- $45,743
- Interest + MI left
- $483,611
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,565 | $330,750 |
| Second mortgage | — | — |
| First P&I | $2,506.72 | $2,240.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.15 |
| Taxes, insurance & HOA | $375.00 | $375.00 |
| Total housing payment | $2,881.72 | $2,681.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,130
Usable credit−$0
Total buyer cash needed$12,130
Earnest money paid−$0
Remaining funds due$12,130
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,675.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,942.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$441.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$618.94
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 11 moOf the original 30-year loan at 6.46%
Interest already paid$52,987Through Dec 2026
Assumption only · ends Nov 2054$451,187
New conventional · ends Jan 2057$483,611