Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,106/mo
+$59/mo- Down payment
- $0
- Funds due
- $12,777
- Interest + MI left
- $520,365
- First ends
- Dec 2055
New loan
New conventional
$3,048/mo
Lowest payment- Down payment
- $43,400
- Funds due
- $52,713
- Interest + MI left
- $571,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $448,057 | $390,600 |
| Second mortgage | — | — |
| First P&I | $2,782.82 | $2,646.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.12 |
| Taxes, insurance & HOA | $323.58 | $323.58 |
| Total housing payment | $3,106.40 | $3,047.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,777
Usable credit−$0
Total buyer cash needed$12,777
Earnest money paid−$0
Remaining funds due$12,777
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,240.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$520.75
Prepaid interest, first (6 days)$458.12
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 closing29 yrOf the original 30-year loan at 6.22%
Interest already paid$28,051Through Dec 2026
Assumption only · ends Dec 2055$520,365
New conventional · ends Jan 2057$571,122