Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,986/mo
+$708/mo- Down payment
- $0
- Funds due
- $14,123
- Interest + MI left
- $661,388
- First ends
- Mar 2055
New loan
New conventional
$3,278/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $55,976
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $557,405 | $414,000 |
| Second mortgage | — | — |
| First P&I | $3,595.26 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $390.67 | $390.67 |
| Total housing payment | $3,985.93 | $3,278.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,123
Usable credit−$0
Total buyer cash needed$14,123
Earnest money paid−$0
Remaining funds due$14,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,787.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$595.58
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$64,097Through Dec 2026
Assumption only · ends Mar 2055$661,388
New conventional · ends Jan 2057$605,336