Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,056/mo
+$27/mo- Down payment
- $16,690
- Funds due
- $29,523
- Interest + MI left
- $492,105
- First ends
- Jan 2055
New loan
New conventional
$3,028/mo
Lowest payment- Down payment
- $41,800
- Funds due
- $51,417
- Interest + MI left
- $550,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,310 | $376,200 |
| Second mortgage | — | — |
| First P&I | $2,651.08 | $2,548.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.24 |
| Taxes, insurance & HOA | $404.50 | $404.50 |
| Total housing payment | $3,055.58 | $3,028.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,690
Closing costs & prepaids$12,833
Usable credit−$0
Total buyer cash needed$29,523
Earnest money paid−$0
Remaining funds due$29,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,006.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$501.50
Initial HOA (3 months)$261.99
Prepaid interest, first (9 days)$664.96
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 6.72%
Interest already paid$52,285Through Dec 2026
Assumption only · ends Jan 2055$492,105
New conventional · ends Jan 2057$550,067