Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
+$26/mo- Down payment
- $18,869
- Funds due
- $32,036
- Interest + MI left
- $526,470
- First ends
- Jul 2055
New loan
New conventional
$3,152/mo
Lowest payment- Down payment
- $43,250
- Funds due
- $53,118
- Interest + MI left
- $569,148
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,631 | $389,250 |
| Second mortgage | — | — |
| First P&I | $2,740.82 | $2,636.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.85 |
| Taxes, insurance & HOA | $437.00 | $437.00 |
| Total housing payment | $3,177.82 | $3,151.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,869
Closing costs & prepaids$13,167
Usable credit−$0
Total buyer cash needed$32,036
Earnest money paid−$0
Remaining funds due$32,036
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,325.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,068.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$519.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$694.56
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 6.81%
Interest already paid$40,235Through Dec 2026
Assumption only · ends Jul 2055$526,470
New conventional · ends Jan 2057$569,148