Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
+$96/mo- Down payment
- $0
- Funds due
- $9,988
- Interest + MI left
- $398,016
- First ends
- Sep 2055
New loan
New conventional
$2,137/mo
Lowest payment- Down payment
- $30,990
- Funds due
- $38,261
- Interest + MI left
- $422,986
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $322,530 | $278,910 |
| Second mortgage | — | — |
| First P&I | $2,082.50 | $1,931.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.78 |
| Taxes, insurance & HOA | $150.00 | $150.00 |
| Total housing payment | $2,232.50 | $2,136.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,988
Usable credit−$0
Total buyer cash needed$9,988
Earnest money paid−$0
Remaining funds due$9,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,612.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (1 days)$58.14
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 10 moOf the original 30-year loan at 6.580%
Interest already paid$24,935Through Nov 2026
Assumption only · ends Sep 2055$398,016
New conventional · ends Dec 2056$422,986