Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,992
- Interest + MI left
- $455,938
- First ends
- Dec 2055
New loan
New conventional
$3,407/mo
+$310/mo- Down payment
- $47,850
- Funds due
- $58,303
- Interest + MI left
- $629,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $481,446 | $430,650 |
| Second mortgage | — | — |
| First P&I | $2,693.63 | $2,917.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.13 |
| Taxes, insurance & HOA | $403.08 | $403.08 |
| Total housing payment | $3,096.71 | $3,406.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,992
Usable credit−$0
Total buyer cash needed$13,992
Earnest money paid−$0
Remaining funds due$13,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,785.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,407.23
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.25
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$622.05
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 closing29 yrOf the original 30-year loan at 5.24%
Interest already paid$25,425Through Dec 2026
Assumption only · ends Dec 2055$455,938
New conventional · ends Jan 2057$629,682