Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,939/mo
+$117/mo- Down payment
- $0
- Funds due
- $14,514
- Interest + MI left
- $637,089
- First ends
- Jun 2055
New loan
New conventional
$3,821/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,615
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,541 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,316.70 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $622.17 | $622.17 |
| Total housing payment | $3,938.87 | $3,821.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,514
Usable credit−$0
Total buyer cash needed$14,514
Earnest money paid−$0
Remaining funds due$14,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,502.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,141.50
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$186.78
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 7 moOf the original 30-year loan at 6.810%
Interest already paid$48,689Through Nov 2026
Assumption only · ends Jun 2055$637,089
New conventional · ends Dec 2056$681,090