Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,519/mo
+$324/mo- Down payment
- $0
- Funds due
- $8,415
- Interest + MI left
- $59,540
- First ends
- Dec 2046
New loan
New conventional
$1,195/mo
Lowest payment- Down payment
- $9,000
- Funds due
- $15,771
- Interest + MI left
- $118,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $153,859 | $81,000 |
| Second mortgage | — | — |
| First P&I | $889.16 | $548.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $16.20 |
| Taxes, insurance & HOA | $630.00 | $630.00 |
| Total housing payment | $1,519.16 | $1,194.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,415
Usable credit−$0
Total buyer cash needed$8,415
Earnest money paid−$0
Remaining funds due$8,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$769.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$108.00
Initial HOA (3 months)$1,332.00
Prepaid interest, first (6 days)$87.51
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 closing20 yrOf the original 30-year loan at 3.46%
Interest already paid$61,558Through Dec 2026
Assumption only · ends Dec 2046$59,540
New conventional · ends Jan 2057$118,435