Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,147/mo
+$250/mo- Down payment
- $0
- Funds due
- $12,157
- Interest + MI left
- $505,635
- First ends
- May 2055
New loan
New conventional
$2,897/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,466
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,219 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,654.54 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $492.92 | $492.92 |
| Total housing payment | $3,147.46 | $2,897.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,157
Usable credit−$0
Total buyer cash needed$12,157
Earnest money paid−$0
Remaining funds due$12,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,011.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,028.75
Prepaid interest, first (2 days)$148.99
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 6.760%
Interest already paid$41,146Through Nov 2026
Assumption only · ends May 2055$505,635
New conventional · ends Dec 2056$511,841