Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,831/mo
+$113/mo- Down payment
- $0
- Funds due
- $11,489
- Interest + MI left
- $471,463
- First ends
- Jun 2055
New loan
New conventional
$2,718/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $45,851
- Interest + MI left
- $511,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,788 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,516.77 | $2,336.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.48 |
| Taxes, insurance & HOA | $314.42 | $314.42 |
| Total housing payment | $2,831.19 | $2,718.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,489
Usable credit−$0
Total buyer cash needed$11,489
Earnest money paid−$0
Remaining funds due$11,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,958.94
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$268.25
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$69.77
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$36,393Through Nov 2026
Assumption only · ends Jun 2055$471,463
New conventional · ends Dec 2056$511,705