Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,487/mo
Lowest payment- Down payment
- $38,146
- Funds due
- $54,124
- Interest + MI left
- $740,385
- First ends
- Feb 2055
New loan
New conventional
$4,579/mo
+$92/mo- Down payment
- $62,500
- Funds due
- $74,130
- Interest + MI left
- $853,069
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $586,854 | $562,500 |
| Second mortgage | — | — |
| First P&I | $3,915.16 | $3,894.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $572.08 | $572.08 |
| Total housing payment | $4,487.24 | $4,579.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,146
Closing costs & prepaids$15,978
Usable credit−$0
Total buyer cash needed$54,124
Earnest money paid−$0
Remaining funds due$54,124
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,934.27
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$820.25
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$109.97
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 6.840%
Interest already paid$70,965Through Nov 2026
Assumption only · ends Feb 2055$740,385
New conventional · ends Dec 2056$853,069