Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,106/mo
Lowest payment- Down payment
- $22,646
- Funds due
- $35,385
- Interest + MI left
- $504,911
- First ends
- Nov 2055
New loan
New conventional
$3,260/mo
+$153/mo- Down payment
- $43,500
- Funds due
- $52,961
- Interest + MI left
- $593,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,354 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,635.82 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $470.67 | $470.67 |
| Total housing payment | $3,106.49 | $3,259.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,646
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$35,385
Earnest money paid−$0
Remaining funds due$35,385
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,061.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$755.00
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$146.87
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$26,969Through Nov 2026
Assumption only · ends Nov 2055$504,911
New conventional · ends Dec 2056$593,736