Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
+$23/mo- Down payment
- $0
- Funds due
- $10,681
- Interest + MI left
- $334,379
- First ends
- Jul 2056
New loan
New conventional
$2,212/mo
Lowest payment- Down payment
- $26,900
- Funds due
- $35,152
- Interest + MI left
- $353,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,186 | $242,100 |
| Second mortgage | — | — |
| First P&I | $1,711.45 | $1,640.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.42 |
| Taxes, insurance & HOA | $523.58 | $523.58 |
| Total housing payment | $2,235.03 | $2,212.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,681
Usable credit−$0
Total buyer cash needed$10,681
Earnest money paid−$0
Remaining funds due$10,681
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,365.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$322.75
Initial HOA (3 months)$798.00
Prepaid interest, first (6 days)$286.06
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 7 moOf the original 30-year loan at 6.37%
Interest already paid$7,271Through Dec 2026
Assumption only · ends Jul 2056$334,379
New conventional · ends Jan 2057$353,990