Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,138/mo
+$209/mo- Down payment
- $0
- Funds due
- $12,135
- Interest + MI left
- $520,583
- First ends
- May 2055
New loan
New conventional
$2,928/mo
Lowest payment- Down payment
- $39,000
- Funds due
- $47,911
- Interest + MI left
- $532,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $406,126 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,709.67 | $2,430.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.20 |
| Taxes, insurance & HOA | $427.83 | $427.83 |
| Total housing payment | $3,137.51 | $2,928.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,135
Usable credit−$0
Total buyer cash needed$12,135
Earnest money paid−$0
Remaining funds due$12,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,030.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$479.50
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$152.88
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 6 moOf the original 30-year loan at 6.870%
Interest already paid$42,214Through Nov 2026
Assumption only · ends May 2055$520,583
New conventional · ends Dec 2056$532,315