Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,671/mo
Lowest payment- Down payment
- $0
- Funds due
- $14,392
- Interest + MI left
- $561,544
- First ends
- Dec 2055
New loan
New conventional
$3,764/mo
+$93/mo- Down payment
- $48,000
- Funds due
- $58,730
- Interest + MI left
- $655,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,004 | $432,000 |
| Second mortgage | — | — |
| First P&I | $2,984.38 | $2,991.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.40 |
| Taxes, insurance & HOA | $686.67 | $686.67 |
| Total housing payment | $3,671.05 | $3,764.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,392
Usable credit−$0
Total buyer cash needed$14,392
Earnest money paid−$0
Remaining funds due$14,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,400.02
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,200.00
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$164.12
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 yr 1 moOf the original 30-year loan at 6.240%
Interest already paid$27,620Through Nov 2026
Assumption only · ends Dec 2055$561,544
New conventional · ends Dec 2056$655,157