Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,823/mo
+$151/mo- Down payment
- $0
- Funds due
- $14,876
- Interest + MI left
- $633,936
- First ends
- Mar 2055
New loan
New conventional
$3,672/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,367
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $534,269 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,446.03 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $376.67 | $376.67 |
| Total housing payment | $3,822.70 | $3,672.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,876
Usable credit−$0
Total buyer cash needed$14,876
Earnest money paid−$0
Remaining funds due$14,876
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,671.35
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Prepaid interest, first (9 days)$856.29
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$61,436Through Dec 2026
Assumption only · ends Mar 2055$633,936
New conventional · ends Jan 2057$690,873