Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,799
- Interest + MI left
- $465,704
- First ends
- Sep 2055
New loan
New conventional
$3,054/mo
+$55/mo- Down payment
- $43,500
- Funds due
- $52,824
- Interest + MI left
- $572,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,287 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,675.33 | $2,652.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $324.00 | $324.00 |
| Total housing payment | $2,999.33 | $3,054.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$12,799
Earnest money paid−$0
Remaining funds due$12,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,286.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Prepaid interest, first (6 days)$422.46
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 9 moOf the original 30-year loan at 5.62%
Interest already paid$32,417Through Dec 2026
Assumption only · ends Sep 2055$465,704
New conventional · ends Jan 2057$572,438