Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,079/mo
+$60/mo- Down payment
- $0
- Funds due
- $12,434
- Interest + MI left
- $450,644
- First ends
- May 2055
New loan
New conventional
$3,019/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,010
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $447,103 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,624.99 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $454.00 | $454.00 |
| Total housing payment | $3,078.99 | $3,018.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,434
Usable credit−$0
Total buyer cash needed$12,434
Earnest money paid−$0
Remaining funds due$12,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,235.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$435.00
Initial HOA (3 months)$477.00
Prepaid interest, first (1 days)$68.84
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 6 moOf the original 30-year loan at 5.620%
Interest already paid$38,103Through Nov 2026
Assumption only · ends May 2055$450,644
New conventional · ends Dec 2056$545,964