Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,452/mo
+$385/mo- Down payment
- $0
- Funds due
- $13,129
- Interest + MI left
- $548,607
- First ends
- Dec 2054
New loan
New conventional
$3,068/mo
Lowest payment- Down payment
- $43,700
- Funds due
- $53,047
- Interest + MI left
- $575,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,243 | $393,300 |
| Second mortgage | — | — |
| First P&I | $3,127.53 | $2,664.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.66 |
| Taxes, insurance & HOA | $324.83 | $324.83 |
| Total housing payment | $3,452.36 | $3,067.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,129
Usable credit−$0
Total buyer cash needed$13,129
Earnest money paid−$0
Remaining funds due$13,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,511.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$524.50
Prepaid interest, first (6 days)$505.27
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 yrOf the original 30-year loan at 6.12%
Interest already paid$62,304Through Dec 2026
Assumption only · ends Dec 2054$548,607
New conventional · ends Jan 2057$575,070