Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,129/mo
+$218/mo- Down payment
- $0
- Funds due
- $12,219
- Interest + MI left
- $474,307
- First ends
- Feb 2055
New loan
New conventional
$2,911/mo
Lowest payment- Down payment
- $35,450
- Funds due
- $44,660
- Interest + MI left
- $483,861
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,070 | $319,050 |
| Second mortgage | — | — |
| First P&I | $2,490.79 | $2,209.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.81 |
| Taxes, insurance & HOA | $638.25 | $638.25 |
| Total housing payment | $3,129.04 | $2,911.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,219
Usable credit−$0
Total buyer cash needed$12,219
Earnest money paid−$0
Remaining funds due$12,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,545.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,850.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$342.75
Initial HOA (3 months)$1,122.00
Prepaid interest, first (2 days)$140.53
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 3 moOf the original 30-year loan at 6.930%
Interest already paid$45,332Through Nov 2026
Assumption only · ends Feb 2055$474,307
New conventional · ends Dec 2056$483,861