Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
+$233/mo- Down payment
- $0
- Funds due
- $14,028
- Interest + MI left
- $606,751
- First ends
- Jul 2055
New loan
New conventional
$3,332/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,840
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,184 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,151.41 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.70 |
| Taxes, insurance & HOA | $413.00 | $413.00 |
| Total housing payment | $3,564.41 | $3,331.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,028
Usable credit−$0
Total buyer cash needed$14,028
Earnest money paid−$0
Remaining funds due$14,028
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,370.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Initial HOA (3 months)$180.99
Prepaid interest, first (9 days)$799.75
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 7 moOf the original 30-year loan at 6.84%
Interest already paid$46,326Through Dec 2026
Assumption only · ends Jul 2055$606,751
New conventional · ends Jan 2057$611,916