Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,645/mo
+$274/mo- Down payment
- $0
- Funds due
- $13,952
- Interest + MI left
- $628,580
- First ends
- May 2055
New loan
New conventional
$3,371/mo
Lowest payment- Down payment
- $47,990
- Funds due
- $58,155
- Interest + MI left
- $631,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,112 | $431,910 |
| Second mortgage | — | — |
| First P&I | $3,286.49 | $2,925.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.38 |
| Taxes, insurance & HOA | $358.67 | $358.67 |
| Total housing payment | $3,645.15 | $3,370.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,952
Usable credit−$0
Total buyer cash needed$13,952
Earnest money paid−$0
Remaining funds due$13,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,460.56
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (7 days)$648.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.87%
Interest already paid$54,020Through Dec 2026
Assumption only · ends May 2055$628,580
New conventional · ends Jan 2057$631,524