Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,242/mo
+$61/mo- Down payment
- $0
- Funds due
- $12,493
- Interest + MI left
- $559,632
- First ends
- Jun 2055
New loan
New conventional
$3,181/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $53,995
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,833 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,945.96 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $296.00 | $296.00 |
| Total housing payment | $3,241.97 | $3,181.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$12,493
Earnest money paid−$0
Remaining funds due$12,493
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,254.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$421.00
Initial HOA (3 months)$17.01
Prepaid interest, first (1 days)$82.39
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 6.670%
Interest already paid$42,961Through Nov 2026
Assumption only · ends Jun 2055$559,632
New conventional · ends Dec 2056$614,210