Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,015/mo
Lowest payment- Down payment
- $18,478
- Funds due
- $30,540
- Interest + MI left
- $528,820
- First ends
- Jul 2055
New loan
New conventional
$3,047/mo
+$32/mo- Down payment
- $43,250
- Funds due
- $52,018
- Interest + MI left
- $590,324
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,022 | $389,250 |
| Second mortgage | — | — |
| First P&I | $2,740.82 | $2,695.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.85 |
| Taxes, insurance & HOA | $273.83 | $273.83 |
| Total housing payment | $3,014.65 | $3,046.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,478
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$30,540
Earnest money paid−$0
Remaining funds due$30,540
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,325.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,070.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$29.50
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$77.25
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 6.810%
Interest already paid$37,885Through Nov 2026
Assumption only · ends Jul 2055$528,820
New conventional · ends Dec 2056$590,324