Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,607
- Interest + MI left
- $284,031
- First ends
- May 2055
New loan
New conventional
$2,946/mo
+$434/mo- Down payment
- $39,900
- Funds due
- $49,427
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,843 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,070.01 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $441.58 | $441.58 |
| Total housing payment | $2,511.59 | $2,946.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,607
Usable credit−$0
Total buyer cash needed$12,607
Earnest money paid−$0
Remaining funds due$12,607
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,109.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$478.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$415.02
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 3.99%
Interest already paid$27,062Through Dec 2026
Assumption only · ends May 2055$284,031
New conventional · ends Jan 2057$525,064