Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,977/mo
+$461/mo- Down payment
- $0
- Funds due
- $11,976
- Interest + MI left
- $470,454
- First ends
- Jan 2055
New loan
New conventional
$2,517/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,715
- Interest + MI left
- $447,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,779 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,594.17 | $2,072.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.18 |
| Taxes, insurance & HOA | $383.00 | $383.00 |
| Total housing payment | $2,977.17 | $2,516.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,976
Usable credit−$0
Total buyer cash needed$11,976
Earnest money paid−$0
Remaining funds due$11,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,018.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$408.00
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$641.18
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 1 moOf the original 30-year loan at 6.44%
Interest already paid$50,445Through Dec 2026
Assumption only · ends Jan 2055$470,454
New conventional · ends Jan 2057$447,291