Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,559/mo
Lowest payment- Down payment
- $47,066
- Funds due
- $61,492
- Interest + MI left
- $560,792
- First ends
- Jun 2055
New loan
New conventional
$3,976/mo
+$416/mo- Down payment
- $54,750
- Funds due
- $65,349
- Interest + MI left
- $747,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,434 | $492,750 |
| Second mortgage | — | — |
| First P&I | $3,093.95 | $3,411.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.55 |
| Taxes, insurance & HOA | $465.50 | $465.50 |
| Total housing payment | $3,559.45 | $3,975.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,066
Closing costs & prepaids$14,426
Usable credit−$0
Total buyer cash needed$61,492
Earnest money paid−$0
Remaining funds due$61,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,475.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,502.17
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$422.50
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$83.98
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 7 moOf the original 30-year loan at 6.125%
Interest already paid$43,831Through Nov 2026
Assumption only · ends Jun 2055$560,792
New conventional · ends Dec 2056$747,289