Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,947/mo
Lowest payment- Down payment
- $0
- Funds due
- $13,369
- Interest + MI left
- $354,730
- First ends
- May 2055
New loan
New conventional
$3,231/mo
+$284/mo- Down payment
- $43,990
- Funds due
- $53,801
- Interest + MI left
- $578,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $489,881 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,476.86 | $2,682.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $470.00 | $470.00 |
| Total housing payment | $2,946.86 | $3,231.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,369
Usable credit−$0
Total buyer cash needed$13,369
Earnest money paid−$0
Remaining funds due$13,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,449.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$432.00
Prepaid interest, first (6 days)$342.25
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 5 moOf the original 30-year loan at 4.25%
Interest already paid$33,452Through Dec 2026
Assumption only · ends May 2055$354,730
New conventional · ends Jan 2057$578,886