Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
+$646/mo- Down payment
- $0
- Funds due
- $10,804
- Interest + MI left
- $367,225
- First ends
- Jan 2056
New loan
New conventional
$1,992/mo
Lowest payment- Down payment
- $21,000
- Funds due
- $29,110
- Interest + MI left
- $276,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,176 | $189,000 |
| Second mortgage | — | — |
| First P&I | $1,963.90 | $1,280.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $37.80 |
| Taxes, insurance & HOA | $674.00 | $674.00 |
| Total housing payment | $2,637.90 | $1,992.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,804
Usable credit−$0
Total buyer cash needed$10,804
Earnest money paid−$0
Remaining funds due$10,804
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,590.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$252.00
Initial HOA (3 months)$1,320.00
Prepaid interest, first (6 days)$322.71
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 closing29 yr 1 moOf the original 30-year loan at 6.17%
Interest already paid$18,104Through Dec 2026
Assumption only · ends Jan 2056$367,225
New conventional · ends Jan 2057$276,349