Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,321/mo
+$118/mo- Down payment
- $0
- Funds due
- $12,871
- Interest + MI left
- $502,146
- First ends
- Oct 2055
New loan
New conventional
$3,203/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $48,214
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,342 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,586.42 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $734.50 | $734.50 |
| Total housing payment | $3,320.92 | $3,202.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,871
Usable credit−$0
Total buyer cash needed$12,871
Earnest money paid−$0
Remaining funds due$12,871
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,976.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,459.50
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$72.79
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 11 moOf the original 30-year loan at 6.720%
Interest already paid$28,966Through Nov 2026
Assumption only · ends Oct 2055$502,146
New conventional · ends Dec 2056$525,491