Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,642/mo
Lowest payment- Down payment
- $15,608
- Funds due
- $29,422
- Interest + MI left
- $625,210
- First ends
- Oct 2055
New loan
New conventional
$3,650/mo
+$8/mo- Down payment
- $50,000
- Funds due
- $60,100
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $484,391 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,197.70 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $444.67 | $444.67 |
| Total housing payment | $3,642.36 | $3,650.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,608
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$29,422
Earnest money paid−$0
Remaining funds due$29,422
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,421.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$90.38
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$35,961Through Nov 2026
Assumption only · ends Oct 2055$625,210
New conventional · ends Dec 2056$682,454