Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $42,517
- Funds due
- $53,975
- Interest + MI left
- $404,303
- First ends
- Sep 2055
New loan
New conventional
$2,810/mo
+$275/mo- Down payment
- $37,500
- Funds due
- $46,136
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,483 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,129.44 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $405.92 | $405.92 |
| Total housing payment | $2,535.35 | $2,810.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,517
Closing costs & prepaids$11,457
Usable credit−$0
Total buyer cash needed$53,975
Earnest money paid−$0
Remaining funds due$53,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,662.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$611.75
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$59.21
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 10 moOf the original 30-year loan at 6.500%
Interest already paid$25,395Through Nov 2026
Assumption only · ends Sep 2055$404,303
New conventional · ends Dec 2056$511,841