Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
+$114/mo- Down payment
- $0
- Funds due
- $11,496
- Interest + MI left
- $444,175
- First ends
- Aug 2055
New loan
New conventional
$2,668/mo
Lowest payment- Down payment
- $33,970
- Funds due
- $42,596
- Interest + MI left
- $463,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $346,538 | $305,730 |
| Second mortgage | — | — |
| First P&I | $2,291.92 | $2,116.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.15 |
| Taxes, insurance & HOA | $489.75 | $489.75 |
| Total housing payment | $2,781.67 | $2,667.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,496
Usable credit−$0
Total buyer cash needed$11,496
Earnest money paid−$0
Remaining funds due$11,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,397.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,732.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$849.25
Initial HOA (3 months)$170.01
Prepaid interest, first (2 days)$129.31
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 9 moOf the original 30-year loan at 6.810%
Interest already paid$29,714Through Nov 2026
Assumption only · ends Aug 2055$444,175
New conventional · ends Dec 2056$463,660