Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,467/mo
Lowest payment- Down payment
- $31,555
- Funds due
- $46,005
- Interest + MI left
- $556,490
- First ends
- Jul 2055
New loan
New conventional
$3,597/mo
+$130/mo- Down payment
- $49,400
- Funds due
- $60,297
- Interest + MI left
- $650,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,445 | $444,600 |
| Second mortgage | — | — |
| First P&I | $2,970.66 | $3,011.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.92 |
| Taxes, insurance & HOA | $496.25 | $496.25 |
| Total housing payment | $3,466.91 | $3,597.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,555
Closing costs & prepaids$14,450
Usable credit−$0
Total buyer cash needed$46,005
Earnest money paid−$0
Remaining funds due$46,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.23
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$592.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$741.18
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$42,957Through Dec 2026
Assumption only · ends Jul 2055$556,490
New conventional · ends Jan 2057$650,079