Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,478/mo
+$80/mo- Down payment
- $4,370
- Funds due
- $17,658
- Interest + MI left
- $609,457
- First ends
- Jul 2055
New loan
New conventional
$3,397/mo
Lowest payment- Down payment
- $47,900
- Funds due
- $57,540
- Interest + MI left
- $653,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,630 | $431,100 |
| Second mortgage | — | — |
| First P&I | $3,151.41 | $2,984.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $86.22 |
| Taxes, insurance & HOA | $326.41 | $326.41 |
| Total housing payment | $3,477.83 | $3,397.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,370
Closing costs & prepaids$13,288
Usable credit−$0
Total buyer cash needed$17,658
Earnest money paid−$0
Remaining funds due$17,658
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,373.15
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$298.25
Initial HOA (3 months)$180.99
Prepaid interest, first (2 days)$177.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.840%
Interest already paid$43,620Through Nov 2026
Assumption only · ends Jul 2055$609,457
New conventional · ends Dec 2056$653,792