Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,604/mo
+$468/mo- Down payment
- $0
- Funds due
- $11,015
- Interest + MI left
- $300,162
- First ends
- Apr 2054
New loan
New conventional
$2,136/mo
Lowest payment- Down payment
- $19,900
- Funds due
- $28,537
- Interest + MI left
- $261,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $263,161 | $179,100 |
| Second mortgage | — | — |
| First P&I | $1,717.45 | $1,213.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.82 |
| Taxes, insurance & HOA | $886.58 | $886.58 |
| Total housing payment | $2,604.03 | $2,135.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,015
Usable credit−$0
Total buyer cash needed$11,015
Earnest money paid−$0
Remaining funds due$11,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,315.81
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$238.75
Initial HOA (3 months)$1,971.00
Prepaid interest, first (6 days)$281.19
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 closing27 yr 4 moOf the original 30-year loan at 6.5%
Interest already paid$46,401Through Dec 2026
Assumption only · ends Apr 2054$300,162
New conventional · ends Jan 2057$261,874