Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,920/mo
+$412/mo- Down payment
- $0
- Funds due
- $11,266
- Interest + MI left
- $509,638
- First ends
- May 2056
New loan
New conventional
$2,509/mo
Lowest payment- Down payment
- $34,000
- Funds due
- $42,084
- Interest + MI left
- $464,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,746 | $306,000 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,118.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.20 |
| Taxes, insurance & HOA | $329.00 | $329.00 |
| Total housing payment | $2,920.48 | $2,508.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,266
Usable credit−$0
Total buyer cash needed$11,266
Earnest money paid−$0
Remaining funds due$11,266
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,038.73
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$537.00
Prepaid interest, first (1 days)$72.61
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 closing29 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$13,295Through Nov 2026
Assumption only · ends May 2056$509,638
New conventional · ends Dec 2056$464,070