Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,748/mo
+$146/mo- Down payment
- $0
- Funds due
- $13,976
- Interest + MI left
- $618,199
- First ends
- Jul 2055
New loan
New conventional
$3,603/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $58,156
- Interest + MI left
- $653,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $488,320 | $431,100 |
| Second mortgage | — | — |
| First P&I | $3,216.62 | $2,984.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.22 |
| Taxes, insurance & HOA | $531.75 | $531.75 |
| Total housing payment | $3,748.37 | $3,602.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,976
Usable credit−$0
Total buyer cash needed$13,976
Earnest money paid−$0
Remaining funds due$13,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,441.60
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$834.25
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$180.88
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 8 moOf the original 30-year loan at 6.760%
Interest already paid$44,359Through Nov 2026
Assumption only · ends Jul 2055$618,199
New conventional · ends Dec 2056$653,792