Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
+$284/mo- Down payment
- $0
- Funds due
- $9,903
- Interest + MI left
- $293,399
- First ends
- Apr 2055
New loan
New conventional
$1,827/mo
Lowest payment- Down payment
- $20,500
- Funds due
- $28,158
- Interest + MI left
- $269,770
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $240,604 | $184,500 |
| Second mortgage | — | — |
| First P&I | $1,570.60 | $1,249.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.90 |
| Taxes, insurance & HOA | $540.00 | $540.00 |
| Total housing payment | $2,110.60 | $1,826.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,903
Usable credit−$0
Total buyer cash needed$9,903
Earnest money paid−$0
Remaining funds due$9,903
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,203.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$246.00
Initial HOA (3 months)$924.00
Prepaid interest, first (6 days)$262.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing28 yr 4 moOf the original 30-year loan at 6.63%
Interest already paid$26,856Through Dec 2026
Assumption only · ends Apr 2055$293,399
New conventional · ends Jan 2057$269,770