Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,027/mo
+$203/mo- Down payment
- $0
- Funds due
- $12,488
- Interest + MI left
- $502,896
- First ends
- Jun 2055
New loan
New conventional
$2,824/mo
Lowest payment- Down payment
- $39,200
- Funds due
- $48,419
- Interest + MI left
- $515,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,025 | $352,800 |
| Second mortgage | — | — |
| First P&I | $2,663.51 | $2,389.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.56 |
| Taxes, insurance & HOA | $363.66 | $363.66 |
| Total housing payment | $3,027.18 | $2,824.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,488
Usable credit−$0
Total buyer cash needed$12,488
Earnest money paid−$0
Remaining funds due$12,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,040.12
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$470.50
Initial HOA (3 months)$170.49
Prepaid interest, first (9 days)$669.05
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 6.65%
Interest already paid$41,068Through Dec 2026
Assumption only · ends Jun 2055$502,896
New conventional · ends Jan 2057$515,852