Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
+$165/mo- Down payment
- $0
- Funds due
- $11,787
- Interest + MI left
- $397,507
- First ends
- Mar 2056
New loan
New conventional
$2,572/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $39,053
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $321,306 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,047.90 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $690.00 | $690.00 |
| Total housing payment | $2,737.90 | $2,572.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,787
Usable credit−$0
Total buyer cash needed$11,787
Earnest money paid−$0
Remaining funds due$11,787
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Initial HOA (3 months)$1,260.00
Prepaid interest, first (6 days)$343.31
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 yr 3 moOf the original 30-year loan at 6.5%
Interest already paid$15,737Through Dec 2026
Assumption only · ends Mar 2056$397,507
New conventional · ends Jan 2057$394,653