Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,398/mo
+$173/mo- Down payment
- $0
- Funds due
- $13,516
- Interest + MI left
- $571,887
- First ends
- Aug 2055
New loan
New conventional
$3,225/mo
Lowest payment- Down payment
- $44,800
- Funds due
- $54,760
- Interest + MI left
- $589,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $454,982 | $403,200 |
| Second mortgage | — | — |
| First P&I | $2,985.09 | $2,731.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.64 |
| Taxes, insurance & HOA | $413.17 | $413.17 |
| Total housing payment | $3,398.25 | $3,225.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,516
Usable credit−$0
Total buyer cash needed$13,516
Earnest money paid−$0
Remaining funds due$13,516
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%)$2,274.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$537.50
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$753.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.72%
Interest already paid$41,088Through Dec 2026
Assumption only · ends Aug 2055$571,887
New conventional · ends Jan 2057$589,545