Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,872/mo
Lowest payment- Down payment
- $31,778
- Funds due
- $47,136
- Interest + MI left
- $640,906
- First ends
- Jun 2055
New loan
New conventional
$3,934/mo
+$63/mo- Down payment
- $54,990
- Funds due
- $66,438
- Interest + MI left
- $723,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,122 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,388.97 | $3,352.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $482.67 | $482.67 |
| Total housing payment | $3,871.64 | $3,934.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,778
Closing costs & prepaids$15,358
Usable credit−$0
Total buyer cash needed$47,136
Earnest money paid−$0
Remaining funds due$47,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,590.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$852.13
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 6.67%
Interest already paid$52,305Through Dec 2026
Assumption only · ends Jun 2055$640,906
New conventional · ends Jan 2057$723,640