Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,023/mo
Lowest payment- Down payment
- $45,243
- Funds due
- $58,330
- Interest + MI left
- $481,834
- First ends
- Mar 2055
New loan
New conventional
$3,191/mo
+$168/mo- Down payment
- $43,750
- Funds due
- $53,695
- Interest + MI left
- $575,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,257 | $393,750 |
| Second mortgage | — | — |
| First P&I | $2,578.44 | $2,667.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.75 |
| Taxes, insurance & HOA | $445.00 | $445.00 |
| Total housing payment | $3,023.44 | $3,191.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,243
Closing costs & prepaids$13,086
Usable credit−$0
Total buyer cash needed$58,330
Earnest money paid−$0
Remaining funds due$58,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,961.28
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$525.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$647.06
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 3 moOf the original 30-year loan at 6.69%
Interest already paid$46,407Through Dec 2026
Assumption only · ends Mar 2055$481,834
New conventional · ends Jan 2057$575,728