Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,315/mo
Lowest payment- Down payment
- $35,057
- Funds due
- $50,806
- Interest + MI left
- $740,355
- First ends
- Sep 2055
New loan
New conventional
$4,512/mo
+$198/mo- Down payment
- $63,500
- Funds due
- $74,829
- Interest + MI left
- $866,718
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $599,943 | $571,500 |
| Second mortgage | — | — |
| First P&I | $3,873.69 | $3,956.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.30 |
| Taxes, insurance & HOA | $440.91 | $440.91 |
| Total housing payment | $4,314.61 | $4,512.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,057
Closing costs & prepaids$15,749
Usable credit−$0
Total buyer cash needed$50,806
Earnest money paid−$0
Remaining funds due$50,806
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,999.71
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$566.75
Initial HOA (3 months)$255.99
Prepaid interest, first (1 days)$108.15
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 6.580%
Interest already paid$46,382Through Nov 2026
Assumption only · ends Sep 2055$740,355
New conventional · ends Dec 2056$866,718