Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,512/mo
Lowest payment- Down payment
- $48,519
- Funds due
- $62,625
- Interest + MI left
- $535,704
- First ends
- Feb 2055
New loan
New conventional
$3,806/mo
+$294/mo- Down payment
- $50,000
- Funds due
- $60,566
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,481 | $450,000 |
| Second mortgage | — | — |
| First P&I | $2,912.05 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $600.00 | $600.00 |
| Total housing payment | $3,512.05 | $3,805.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,519
Closing costs & prepaids$14,106
Usable credit−$0
Total buyer cash needed$62,625
Earnest money paid−$0
Remaining funds due$62,625
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,257.41
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$910.00
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$80.40
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$51,916Through Nov 2026
Assumption only · ends Feb 2055$535,704
New conventional · ends Dec 2056$682,455