Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,597/mo
+$810/mo- Down payment
- $0
- Funds due
- $12,044
- Interest + MI left
- $641,156
- First ends
- Jan 2055
New loan
New conventional
$2,787/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $49,215
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $521,002 | $369,000 |
| Second mortgage | — | — |
| First P&I | $3,438.34 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $158.33 | $158.33 |
| Total housing payment | $3,596.67 | $2,787.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,044
Usable credit−$0
Total buyer cash needed$12,044
Earnest money paid−$0
Remaining funds due$12,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,605.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$25.00
Prepaid interest, first (1 days)$95.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.720%
Interest already paid$64,893Through Nov 2026
Assumption only · ends Jan 2055$641,156
New conventional · ends Dec 2056$559,613