Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
+$440/mo- Down payment
- $0
- Funds due
- $11,476
- Interest + MI left
- $506,326
- First ends
- May 2055
New loan
New conventional
$2,602/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,264
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,552 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,683.85 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $358.50 | $358.50 |
| Total housing payment | $3,042.35 | $2,602.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,476
Usable credit−$0
Total buyer cash needed$11,476
Earnest money paid−$0
Remaining funds due$11,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,057.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$520.50
Initial HOA (3 months)$105.00
Prepaid interest, first (1 days)$74.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.640%
Interest already paid$41,362Through Nov 2026
Assumption only · ends May 2055$506,326
New conventional · ends Dec 2056$477,719