Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,393/mo
+$113/mo- Down payment
- $0
- Funds due
- $12,832
- Interest + MI left
- $574,438
- First ends
- Aug 2055
New loan
New conventional
$3,280/mo
Lowest payment- Down payment
- $44,800
- Funds due
- $54,111
- Interest + MI left
- $611,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,417 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,985.09 | $2,791.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.64 |
| Taxes, insurance & HOA | $407.58 | $407.58 |
| Total housing payment | $3,392.67 | $3,279.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,832
Usable credit−$0
Total buyer cash needed$12,832
Earnest money paid−$0
Remaining funds due$12,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,277.08
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$520.75
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$83.85
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 9 moOf the original 30-year loan at 6.720%
Interest already paid$38,538Through Nov 2026
Assumption only · ends Aug 2055$574,438
New conventional · ends Dec 2056$611,480