Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,911/mo
+$234/mo- Down payment
- $0
- Funds due
- $11,487
- Interest + MI left
- $484,948
- First ends
- Jun 2055
New loan
New conventional
$2,677/mo
Lowest payment- Down payment
- $36,298
- Funds due
- $44,656
- Interest + MI left
- $495,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,509 | $326,679 |
| Second mortgage | — | — |
| First P&I | $2,561.10 | $2,261.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.34 |
| Taxes, insurance & HOA | $350.08 | $350.08 |
| Total housing payment | $2,911.18 | $2,677.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,487
Usable credit−$0
Total buyer cash needed$11,487
Earnest money paid−$0
Remaining funds due$11,487
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,629.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,967.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$600.25
Prepaid interest, first (1 days)$71.48
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 6.630%
Interest already paid$37,276Through Nov 2026
Assumption only · ends Jun 2055$484,948
New conventional · ends Dec 2056$495,431