Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,435/mo
+$32/mo- Down payment
- $0
- Funds due
- $13,320
- Interest + MI left
- $548,400
- First ends
- May 2056
New loan
New conventional
$3,403/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,570
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $482,072 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,910.94 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $524.17 | $524.17 |
| Total housing payment | $3,435.11 | $3,402.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,320
Usable credit−$0
Total buyer cash needed$13,320
Earnest money paid−$0
Remaining funds due$13,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,410.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,122.50
Prepaid interest, first (1 days)$79.38
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 closing29 yr 6 moOf the original 30-year loan at 6.010%
Interest already paid$14,538Through Nov 2026
Assumption only · ends May 2056$548,400
New conventional · ends Dec 2056$612,845