Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,393/mo
+$25/mo- Down payment
- $8,985
- Funds due
- $22,973
- Interest + MI left
- $533,259
- First ends
- Feb 2055
New loan
New conventional
$3,368/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $56,490
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $451,015 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,912.05 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $480.67 | $480.67 |
| Total housing payment | $3,392.72 | $3,368.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,985
Closing costs & prepaids$13,988
Usable credit−$0
Total buyer cash needed$22,973
Earnest money paid−$0
Remaining funds due$22,973
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,255.07
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)$390.00
Prepaid interest, first (9 days)$722.86
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$54,362Through Dec 2026
Assumption only · ends Feb 2055$533,259
New conventional · ends Jan 2057$605,336