Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,228/mo
+$280/mo- Down payment
- $0
- Funds due
- $12,705
- Interest + MI left
- $518,630
- First ends
- Jun 2055
New loan
New conventional
$2,948/mo
Lowest payment- Down payment
- $39,300
- Funds due
- $48,673
- Interest + MI left
- $517,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,791 | $353,700 |
| Second mortgage | — | — |
| First P&I | $2,746.85 | $2,396.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.74 |
| Taxes, insurance & HOA | $481.17 | $481.17 |
| Total housing payment | $3,228.01 | $2,947.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,705
Usable credit−$0
Total buyer cash needed$12,705
Earnest money paid−$0
Remaining funds due$12,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,103.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$471.50
Initial HOA (3 months)$522.00
Prepaid interest, first (6 days)$459.99
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$42,353Through Dec 2026
Assumption only · ends Jun 2055$518,630
New conventional · ends Jan 2057$517,168