Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,613/mo
+$43/mo- Down payment
- $18,402
- Funds due
- $32,878
- Interest + MI left
- $602,041
- First ends
- May 2055
New loan
New conventional
$3,570/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,675
- Interest + MI left
- $656,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,598 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,174.90 | $3,042.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $437.92 | $437.92 |
| Total housing payment | $3,612.82 | $3,570.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,402
Closing costs & prepaids$14,476
Usable credit−$0
Total buyer cash needed$32,878
Earnest money paid−$0
Remaining funds due$32,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,402.99
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$598.75
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$801.08
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 5 moOf the original 30-year loan at 6.76%
Interest already paid$51,921Through Dec 2026
Assumption only · ends May 2055$602,041
New conventional · ends Jan 2057$656,658