Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,926/mo
Lowest payment- Down payment
- $21,349
- Funds due
- $36,744
- Interest + MI left
- $634,361
- First ends
- Jan 2055
New loan
New conventional
$3,927/mo
+$1/mo- Down payment
- $55,000
- Funds due
- $66,425
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,651 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,451.08 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $474.67 | $474.67 |
| Total housing payment | $3,925.74 | $3,926.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,349
Closing costs & prepaids$15,396
Usable credit−$0
Total buyer cash needed$36,744
Earnest money paid−$0
Remaining funds due$36,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,643.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$860.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.6%
Interest already paid$67,663Through Dec 2026
Assumption only · ends Jan 2055$634,361
New conventional · ends Jan 2057$723,772