Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,960/mo
Lowest payment- Down payment
- $34,482
- Funds due
- $46,759
- Interest + MI left
- $496,403
- First ends
- Apr 2055
New loan
New conventional
$3,171/mo
+$211/mo- Down payment
- $44,990
- Funds due
- $53,955
- Interest + MI left
- $614,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $415,418 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,673.96 | $2,803.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.98 |
| Taxes, insurance & HOA | $286.25 | $286.25 |
| Total housing payment | $2,960.21 | $3,170.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,482
Closing costs & prepaids$12,277
Usable credit−$0
Total buyer cash needed$46,759
Earnest money paid−$0
Remaining funds due$46,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,077.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$408.75
Prepaid interest, first (1 days)$73.98
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$43,174Through Nov 2026
Assumption only · ends Apr 2055$496,403
New conventional · ends Dec 2056$614,073