Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,866/mo
+$99/mo- Down payment
- $0
- Funds due
- $11,737
- Interest + MI left
- $472,874
- First ends
- Nov 2055
New loan
New conventional
$2,768/mo
Lowest payment- Down payment
- $37,490
- Funds due
- $46,068
- Interest + MI left
- $511,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,935 | $337,410 |
| Second mortgage | — | — |
| First P&I | $2,502.32 | $2,336.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.48 |
| Taxes, insurance & HOA | $364.00 | $364.00 |
| Total housing payment | $2,866.32 | $2,767.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,737
Usable credit−$0
Total buyer cash needed$11,737
Earnest money paid−$0
Remaining funds due$11,737
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,989.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$642.00
Prepaid interest, first (2 days)$138.24
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 closing29 yrOf the original 30-year loan at 6.340%
Interest already paid$25,390Through Nov 2026
Assumption only · ends Nov 2055$472,874
New conventional · ends Dec 2056$511,705