Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
+$97/mo- Down payment
- $0
- Funds due
- $10,634
- Interest + MI left
- $317,742
- First ends
- May 2055
New loan
New conventional
$2,274/mo
Lowest payment- Down payment
- $24,290
- Funds due
- $32,647
- Interest + MI left
- $331,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,882 | $218,610 |
| Second mortgage | — | — |
| First P&I | $1,653.87 | $1,513.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.72 |
| Taxes, insurance & HOA | $717.08 | $717.08 |
| Total housing payment | $2,370.95 | $2,274.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,634
Usable credit−$0
Total buyer cash needed$10,634
Earnest money paid−$0
Remaining funds due$10,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,429.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,239.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,701.25
Prepaid interest, first (1 days)$46.66
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 6 moOf the original 30-year loan at 6.870%
Interest already paid$25,766Through Nov 2026
Assumption only · ends May 2055$317,742
New conventional · ends Dec 2056$331,537