Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,856/mo
+$283/mo- Down payment
- $0
- Funds due
- $11,892
- Interest + MI left
- $482,774
- First ends
- Jun 2055
New loan
New conventional
$2,574/mo
Lowest payment- Down payment
- $36,298
- Funds due
- $45,004
- Interest + MI left
- $477,659
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,122 | $326,679 |
| Second mortgage | — | — |
| First P&I | $2,561.10 | $2,213.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.34 |
| Taxes, insurance & HOA | $295.17 | $295.17 |
| Total housing payment | $2,856.27 | $2,573.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,892
Usable credit−$0
Total buyer cash needed$11,892
Earnest money paid−$0
Remaining funds due$11,892
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%)$1,965.61
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$435.50
Prepaid interest, first (9 days)$642.67
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 6 moOf the original 30-year loan at 6.63%
Interest already paid$39,450Through Dec 2026
Assumption only · ends Jun 2055$482,774
New conventional · ends Jan 2057$477,659