Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,265/mo
+$263/mo- Down payment
- $0
- Funds due
- $12,908
- Interest + MI left
- $478,879
- First ends
- Dec 2054
New loan
New conventional
$3,003/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $47,559
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,667 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,641.51 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.22 |
| Taxes, insurance & HOA | $623.58 | $623.58 |
| Total housing payment | $3,265.09 | $3,002.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,908
Usable credit−$0
Total buyer cash needed$12,908
Earnest money paid−$0
Remaining funds due$12,908
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,043.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$454.75
Initial HOA (3 months)$966.00
Prepaid interest, first (6 days)$435.99
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 6.49%
Interest already paid$53,713Through Dec 2026
Assumption only · ends Dec 2054$478,879
New conventional · ends Jan 2057$498,745