Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,094/mo
+$114/mo- Down payment
- $0
- Funds due
- $13,027
- Interest + MI left
- $448,550
- First ends
- May 2055
New loan
New conventional
$2,980/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,619
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,572 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,624.99 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $469.00 | $469.00 |
| Total housing payment | $3,093.99 | $2,979.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,027
Usable credit−$0
Total buyer cash needed$13,027
Earnest money paid−$0
Remaining funds due$13,027
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,232.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$477.00
Prepaid interest, first (9 days)$618.84
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 5 moOf the original 30-year loan at 5.62%
Interest already paid$40,197Through Dec 2026
Assumption only · ends May 2055$448,550
New conventional · ends Jan 2057$526,380