Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,933/mo
+$312/mo- Down payment
- $0
- Funds due
- $12,039
- Interest + MI left
- $497,817
- First ends
- Aug 2055
New loan
New conventional
$2,620/mo
Lowest payment- Down payment
- $36,000
- Funds due
- $44,871
- Interest + MI left
- $473,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,004 | $324,000 |
| Second mortgage | — | — |
| First P&I | $2,572.15 | $2,194.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.80 |
| Taxes, insurance & HOA | $360.67 | $360.67 |
| Total housing payment | $2,932.82 | $2,620.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,039
Usable credit−$0
Total buyer cash needed$12,039
Earnest money paid−$0
Remaining funds due$12,039
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,935.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$432.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$653.67
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 8 moOf the original 30-year loan at 6.85%
Interest already paid$35,619Through Dec 2026
Assumption only · ends Aug 2055$497,817
New conventional · ends Jan 2057$473,742