Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,643/mo
+$710/mo- Down payment
- $0
- Funds due
- $12,455
- Interest + MI left
- $611,856
- First ends
- Feb 2055
New loan
New conventional
$2,933/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $48,743
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,106 | $359,910 |
| Second mortgage | — | — |
| First P&I | $3,274.22 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $368.67 | $368.67 |
| Total housing payment | $3,642.89 | $2,932.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,455
Usable credit−$0
Total buyer cash needed$12,455
Earnest money paid−$0
Remaining funds due$12,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,490.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$422.00
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$91.30
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 3 moOf the original 30-year loan at 6.690%
Interest already paid$58,930Through Nov 2026
Assumption only · ends Feb 2055$611,856
New conventional · ends Dec 2056$545,828