Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,380/mo
Lowest payment- Down payment
- $35,640
- Funds due
- $52,446
- Interest + MI left
- $737,065
- First ends
- Sep 2055
New loan
New conventional
$4,492/mo
+$112/mo- Down payment
- $63,500
- Funds due
- $75,920
- Interest + MI left
- $835,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $599,359 | $571,499 |
| Second mortgage | — | — |
| First P&I | $3,873.69 | $3,871.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $114.30 |
| Taxes, insurance & HOA | $506.00 | $506.00 |
| Total housing payment | $4,379.69 | $4,491.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,640
Closing costs & prepaids$16,805
Usable credit−$0
Total buyer cash needed$52,446
Earnest money paid−$0
Remaining funds due$52,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,996.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$762.00
Initial HOA (3 months)$255.99
Prepaid interest, first (9 days)$972.44
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 9 moOf the original 30-year loan at 6.58%
Interest already paid$49,672Through Dec 2026
Assumption only · ends Sep 2055$737,065
New conventional · ends Jan 2057$835,626