Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,285/mo
+$396/mo- Down payment
- $0
- Funds due
- $12,038
- Interest + MI left
- $582,942
- First ends
- Aug 2055
New loan
New conventional
$2,889/mo
Lowest payment- Down payment
- $41,000
- Funds due
- $49,522
- 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 | $460,506 | $369,000 |
| Second mortgage | — | — |
| First P&I | $3,024.49 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $260.67 | $260.67 |
| Total housing payment | $3,285.16 | $2,889.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,038
Usable credit−$0
Total buyer cash needed$12,038
Earnest money paid−$0
Remaining funds due$12,038
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%)$2,302.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$269.00
Initial HOA (3 months)$63.00
Prepaid interest, first (1 days)$85.04
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 9 moOf the original 30-year loan at 6.740%
Interest already paid$39,084Through Nov 2026
Assumption only · ends Aug 2055$582,942
New conventional · ends Dec 2056$559,613