Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,192/mo
+$508/mo- Down payment
- $0
- Funds due
- $12,102
- Interest + MI left
- $554,109
- First ends
- Apr 2055
New loan
New conventional
$2,684/mo
Lowest payment- Down payment
- $37,950
- Funds due
- $46,649
- Interest + MI left
- $499,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $428,561 | $341,550 |
| Second mortgage | — | — |
| First P&I | $2,890.21 | $2,313.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.31 |
| Taxes, insurance & HOA | $301.83 | $301.83 |
| Total housing payment | $3,192.04 | $2,683.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,102
Usable credit−$0
Total buyer cash needed$12,102
Earnest money paid−$0
Remaining funds due$12,102
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,142.81
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$455.50
Prepaid interest, first (6 days)$490.32
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 4 moOf the original 30-year loan at 6.96%
Interest already paid$50,186Through Dec 2026
Assumption only · ends Apr 2055$554,109
New conventional · ends Jan 2057$499,403