Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
+$415/mo- Down payment
- $0
- Funds due
- $11,546
- Interest + MI left
- $472,624
- First ends
- Jan 2055
New loan
New conventional
$2,584/mo
Lowest payment- Down payment
- $33,990
- Funds due
- $42,364
- Interest + MI left
- $463,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,204 | $305,910 |
| Second mortgage | — | — |
| First P&I | $2,594.17 | $2,118.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.18 |
| Taxes, insurance & HOA | $405.17 | $405.17 |
| Total housing payment | $2,999.33 | $2,584.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,546
Usable credit−$0
Total buyer cash needed$11,546
Earnest money paid−$0
Remaining funds due$11,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,021.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$474.50
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$142.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 6.440%
Interest already paid$48,276Through Nov 2026
Assumption only · ends Jan 2055$472,624
New conventional · ends Dec 2056$463,933