Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,029/mo
+$344/mo- Down payment
- $0
- Funds due
- $14,259
- Interest + MI left
- $663,562
- First ends
- Jun 2055
New loan
New conventional
$3,685/mo
Lowest payment- Down payment
- $49,200
- Funds due
- $59,484
- Interest + MI left
- $671,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $536,495 | $442,800 |
| Second mortgage | — | — |
| First P&I | $3,498.71 | $3,065.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.56 |
| Taxes, insurance & HOA | $530.25 | $530.25 |
| Total housing payment | $4,028.96 | $3,684.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,259
Usable credit−$0
Total buyer cash needed$14,259
Earnest money paid−$0
Remaining funds due$14,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,682.47
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$922.75
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$97.74
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 7 moOf the original 30-year loan at 6.650%
Interest already paid$50,973Through Nov 2026
Assumption only · ends Jun 2055$663,562
New conventional · ends Dec 2056$671,536