Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,197/mo
+$354/mo- Down payment
- $0
- Funds due
- $12,576
- Interest + MI left
- $519,728
- First ends
- Dec 2055
New loan
New conventional
$2,843/mo
Lowest payment- Down payment
- $38,490
- Funds due
- $47,620
- Interest + MI left
- $506,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $444,082 | $346,410 |
| Second mortgage | — | — |
| First P&I | $2,769.57 | $2,346.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.28 |
| Taxes, insurance & HOA | $427.33 | $427.33 |
| Total housing payment | $3,196.90 | $2,843.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,576
Usable credit−$0
Total buyer cash needed$12,576
Earnest money paid−$0
Remaining funds due$12,576
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,220.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$369.99
Prepaid interest, first (6 days)$456.98
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 6.26%
Interest already paid$27,979Through Dec 2026
Assumption only · ends Dec 2055$519,728
New conventional · ends Jan 2057$506,509