Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,928/mo
Lowest payment- Down payment
- $44,572
- Funds due
- $59,489
- Interest + MI left
- $643,567
- First ends
- Jun 2055
New loan
New conventional
$4,156/mo
+$229/mo- Down payment
- $56,490
- Funds due
- $67,456
- Interest + MI left
- $771,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $520,328 | $508,410 |
| Second mortgage | — | — |
| First P&I | $3,393.28 | $3,520.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $101.68 |
| Taxes, insurance & HOA | $534.50 | $534.50 |
| Total housing payment | $3,927.78 | $4,156.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,572
Closing costs & prepaids$14,917
Usable credit−$0
Total buyer cash needed$59,489
Earnest money paid−$0
Remaining funds due$59,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,601.64
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$749.50
Initial HOA (3 months)$354.00
Prepaid interest, first (1 days)$94.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.650%
Interest already paid$49,437Through Nov 2026
Assumption only · ends Jun 2055$643,567
New conventional · ends Dec 2056$771,038