Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,902/mo
Lowest payment- Down payment
- $39,182
- Funds due
- $54,716
- Interest + MI left
- $640,683
- First ends
- Jun 2055
New loan
New conventional
$4,017/mo
+$116/mo- Down payment
- $55,900
- Funds due
- $67,521
- Interest + MI left
- $735,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,818 | $503,100 |
| Second mortgage | — | — |
| First P&I | $3,393.28 | $3,408.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.62 |
| Taxes, insurance & HOA | $508.25 | $508.25 |
| Total housing payment | $3,901.53 | $4,017.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,182
Closing costs & prepaids$15,534
Usable credit−$0
Total buyer cash needed$54,716
Earnest money paid−$0
Remaining funds due$54,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,599.09
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$670.75
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$852.36
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$52,320Through Dec 2026
Assumption only · ends Jun 2055$640,683
New conventional · ends Jan 2057$735,615