Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,739/mo
Lowest payment- Down payment
- $45,548
- Funds due
- $60,761
- Interest + MI left
- $602,574
- First ends
- Jan 2055
New loan
New conventional
$3,929/mo
+$191/mo- Down payment
- $55,700
- Funds due
- $67,074
- Interest + MI left
- $732,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $511,452 | $501,300 |
| Second mortgage | — | — |
| First P&I | $3,305.72 | $3,395.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.26 |
| Taxes, insurance & HOA | $432.83 | $432.83 |
| Total housing payment | $3,738.55 | $3,929.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,548
Closing costs & prepaids$15,213
Usable credit−$0
Total buyer cash needed$60,761
Earnest money paid−$0
Remaining funds due$60,761
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,557.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$668.50
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$819.73
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 6.5%
Interest already paid$64,484Through Dec 2026
Assumption only · ends Jan 2055$602,574
New conventional · ends Jan 2057$732,984