Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,980/mo
+$555/mo- Down payment
- $0
- Funds due
- $11,171
- Interest + MI left
- $514,448
- First ends
- Aug 2055
New loan
New conventional
$2,425/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,544
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,744 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,638.24 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $341.66 | $341.66 |
| Total housing payment | $2,979.90 | $2,425.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,171
Usable credit−$0
Total buyer cash needed$11,171
Earnest money paid−$0
Remaining funds due$11,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,978.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$145.00
Initial HOA (3 months)$429.99
Prepaid interest, first (2 days)$149.41
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 6.890%
Interest already paid$34,328Through Nov 2026
Assumption only · ends Aug 2055$514,448
New conventional · ends Dec 2056$443,596