Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,952/mo
Lowest payment- Down payment
- $21,718
- Funds due
- $33,823
- Interest + MI left
- $483,022
- First ends
- Apr 2055
New loan
New conventional
$3,043/mo
+$91/mo- Down payment
- $41,500
- Funds due
- $50,434
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,282 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,569.80 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $382.67 | $382.67 |
| Total housing payment | $2,952.47 | $3,043.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,718
Closing costs & prepaids$12,104
Usable credit−$0
Total buyer cash needed$33,823
Earnest money paid−$0
Remaining funds due$33,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$404.00
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$71.65
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$41,805Through Nov 2026
Assumption only · ends Apr 2055$483,022
New conventional · ends Dec 2056$566,438