Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,271/mo
+$199/mo- Down payment
- $0
- Funds due
- $12,874
- Interest + MI left
- $551,609
- First ends
- May 2055
New loan
New conventional
$3,072/mo
Lowest payment- Down payment
- $43,700
- Funds due
- $53,059
- Interest + MI left
- $575,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,576 | $393,300 |
| Second mortgage | — | — |
| First P&I | $2,941.89 | $2,664.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.66 |
| Taxes, insurance & HOA | $329.00 | $329.00 |
| Total housing payment | $3,270.90 | $3,072.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,874
Usable credit−$0
Total buyer cash needed$12,874
Earnest money paid−$0
Remaining funds due$12,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,257.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$524.50
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$491.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.62%
Interest already paid$47,787Through Dec 2026
Assumption only · ends May 2055$551,609
New conventional · ends Jan 2057$575,070