Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,025/mo
+$46/mo- Down payment
- $0
- Funds due
- $12,330
- Interest + MI left
- $436,172
- First ends
- Dec 2054
New loan
New conventional
$2,979/mo
Lowest payment- Down payment
- $37,990
- Funds due
- $47,151
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,239 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,481.93 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $542.84 | $542.84 |
| Total housing payment | $3,024.77 | $2,978.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,330
Usable credit−$0
Total buyer cash needed$12,330
Earnest money paid−$0
Remaining funds due$12,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,001.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$906.50
Initial HOA (3 months)$272.01
Prepaid interest, first (2 days)$133.56
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 1 moOf the original 30-year loan at 6.090%
Interest already paid$47,323Through Nov 2026
Assumption only · ends Dec 2054$436,172
New conventional · ends Dec 2056$518,530