Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,277/mo
Lowest payment- Down payment
- $36,091
- Funds due
- $49,365
- Interest + MI left
- $558,997
- First ends
- Jul 2055
New loan
New conventional
$3,506/mo
+$229/mo- Down payment
- $49,900
- Funds due
- $59,576
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,909 | $449,100 |
| Second mortgage | — | — |
| First P&I | $2,970.66 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $306.25 | $306.25 |
| Total housing payment | $3,276.91 | $3,505.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,091
Closing costs & prepaids$13,274
Usable credit−$0
Total buyer cash needed$49,365
Earnest money paid−$0
Remaining funds due$49,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,314.54
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$22.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$82.44
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$40,449Through Nov 2026
Assumption only · ends Jul 2055$558,997
New conventional · ends Dec 2056$681,090