Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,169/mo
Lowest payment- Down payment
- $17,161
- Funds due
- $30,367
- Interest + MI left
- $519,923
- First ends
- Jun 2055
New loan
New conventional
$3,171/mo
+$2/mo- Down payment
- $43,900
- Funds due
- $53,772
- Interest + MI left
- $577,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,839 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,753.69 | $2,676.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.02 |
| Taxes, insurance & HOA | $415.58 | $415.58 |
| Total housing payment | $3,169.27 | $3,171.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,161
Closing costs & prepaids$13,206
Usable credit−$0
Total buyer cash needed$30,367
Earnest money paid−$0
Remaining funds due$30,367
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,109.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$526.75
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$691.70
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$42,459Through Dec 2026
Assumption only · ends Jun 2055$519,923
New conventional · ends Jan 2057$577,702