Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,111/mo
+$62/mo- Down payment
- $2,255
- Funds due
- $14,512
- Interest + MI left
- $498,087
- First ends
- Jan 2055
New loan
New conventional
$3,050/mo
Lowest payment- Down payment
- $40,700
- Funds due
- $49,733
- Interest + MI left
- $555,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,745 | $366,300 |
| Second mortgage | — | — |
| First P&I | $2,671.10 | $2,536.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.26 |
| Taxes, insurance & HOA | $440.25 | $440.25 |
| Total housing payment | $3,111.35 | $3,049.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,255
Closing costs & prepaids$12,257
Usable credit−$0
Total buyer cash needed$14,512
Earnest money paid−$0
Remaining funds due$14,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,023.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$495.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$74.52
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 2 moOf the original 30-year loan at 6.720%
Interest already paid$50,413Through Nov 2026
Assumption only · ends Jan 2055$498,087
New conventional · ends Dec 2056$555,519