Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,003/mo
+$150/mo- Down payment
- $0
- Funds due
- $11,824
- Interest + MI left
- $505,160
- First ends
- Jun 2055
New loan
New conventional
$2,853/mo
Lowest payment- Down payment
- $39,200
- Funds due
- $47,794
- Interest + MI left
- $535,045
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,425 | $352,800 |
| Second mortgage | — | — |
| First P&I | $2,663.51 | $2,442.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.56 |
| Taxes, insurance & HOA | $339.83 | $339.83 |
| Total housing payment | $3,003.34 | $2,853.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,824
Usable credit−$0
Total buyer cash needed$11,824
Earnest money paid−$0
Remaining funds due$11,824
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,042.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$399.00
Initial HOA (3 months)$170.49
Prepaid interest, first (1 days)$74.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.650%
Interest already paid$38,805Through Nov 2026
Assumption only · ends Jun 2055$505,160
New conventional · ends Dec 2056$535,045