Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,577/mo
+$324/mo- Down payment
- $0
- Funds due
- $11,090
- Interest + MI left
- $370,466
- First ends
- May 2055
New loan
New conventional
$2,253/mo
Lowest payment- Down payment
- $25,700
- Funds due
- $34,226
- Interest + MI left
- $338,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $290,036 | $231,300 |
| Second mortgage | — | — |
| First P&I | $1,936.95 | $1,566.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $46.26 |
| Taxes, insurance & HOA | $639.83 | $639.83 |
| Total housing payment | $2,576.79 | $2,253.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,090
Usable credit−$0
Total buyer cash needed$11,090
Earnest money paid−$0
Remaining funds due$11,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,450.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.50
Initial HOA (3 months)$1,161.00
Prepaid interest, first (7 days)$382.13
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$31,838Through Dec 2026
Assumption only · ends May 2055$370,466
New conventional · ends Jan 2057$338,199