Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,740/mo
Lowest payment- Down payment
- $42,218
- Funds due
- $56,695
- Interest + MI left
- $598,880
- First ends
- May 2055
New loan
New conventional
$3,957/mo
+$217/mo- Down payment
- $52,900
- Funds due
- $63,629
- Interest + MI left
- $722,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $486,782 | $476,100 |
| Second mortgage | — | — |
| First P&I | $3,174.45 | $3,296.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.22 |
| Taxes, insurance & HOA | $565.50 | $565.50 |
| Total housing payment | $3,739.95 | $3,957.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,218
Closing costs & prepaids$14,477
Usable credit−$0
Total buyer cash needed$56,695
Earnest money paid−$0
Remaining funds due$56,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,433.91
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,138.00
Initial HOA (3 months)$58.50
Prepaid interest, first (1 days)$88.55
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$48,922Through Nov 2026
Assumption only · ends May 2055$598,880
New conventional · ends Dec 2056$722,038