Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,152/mo
+$332/mo- Down payment
- $0
- Funds due
- $12,673
- Interest + MI left
- $472,170
- First ends
- Feb 2055
New loan
New conventional
$2,821/mo
Lowest payment- Down payment
- $34,400
- Funds due
- $44,004
- Interest + MI left
- $452,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,717 | $309,600 |
| Second mortgage | — | — |
| First P&I | $2,490.79 | $2,097.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.92 |
| Taxes, insurance & HOA | $661.58 | $661.58 |
| Total housing payment | $3,152.37 | $2,820.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,673
Usable credit−$0
Total buyer cash needed$12,673
Earnest money paid−$0
Remaining funds due$12,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,848.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$412.75
Initial HOA (3 months)$1,122.00
Prepaid interest, first (9 days)$631.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.93%
Interest already paid$47,469Through Dec 2026
Assumption only · ends Feb 2055$472,170
New conventional · ends Jan 2057$452,686