Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,048/mo
+$247/mo- Down payment
- $0
- Funds due
- $15,096
- Interest + MI left
- $687,632
- First ends
- Dec 2055
New loan
New conventional
$3,802/mo
Lowest payment- Down payment
- $53,990
- Funds due
- $64,836
- Interest + MI left
- $710,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $577,565 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,635.62 | $3,291.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.18 |
| Taxes, insurance & HOA | $412.67 | $412.67 |
| Total housing payment | $4,048.29 | $3,801.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,096
Usable credit−$0
Total buyer cash needed$15,096
Earnest money paid−$0
Remaining funds due$15,096
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,887.83
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$602.88
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 closing29 yrOf the original 30-year loan at 6.35%
Interest already paid$36,909Through Dec 2026
Assumption only · ends Dec 2055$687,632
New conventional · ends Jan 2057$710,481