Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,892/mo
+$164/mo- Down payment
- $0
- Funds due
- $12,226
- Interest + MI left
- $469,341
- First ends
- Jun 2055
New loan
New conventional
$2,728/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,561
- Interest + MI left
- $493,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,394 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,516.77 | $2,285.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.48 |
| Taxes, insurance & HOA | $375.00 | $375.00 |
| Total housing payment | $2,891.77 | $2,728.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,226
Usable credit−$0
Total buyer cash needed$12,226
Earnest money paid−$0
Remaining funds due$12,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,956.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$627.30
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 6.5%
Interest already paid$38,515Through Dec 2026
Assumption only · ends Jun 2055$469,341
New conventional · ends Jan 2057$493,349