Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,019/mo
+$484/mo- Down payment
- $0
- Funds due
- $14,353
- Interest + MI left
- $495,889
- First ends
- Feb 2055
New loan
New conventional
$3,535/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $45,613
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,926 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,695.62 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $1,323.50 | $1,323.50 |
| Total housing payment | $4,019.12 | $3,535.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,353
Usable credit−$0
Total buyer cash needed$14,353
Earnest money paid−$0
Remaining funds due$14,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,089.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$124.50
Initial HOA (3 months)$3,396.00
Prepaid interest, first (1 days)$74.43
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$48,058Through Nov 2026
Assumption only · ends Feb 2055$495,889
New conventional · ends Dec 2056$470,894