Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,560/mo
+$9/mo- Down payment
- $99
- Funds due
- $13,694
- Interest + MI left
- $617,679
- First ends
- Nov 2055
New loan
New conventional
$3,550/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $59,710
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,901 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,208.56 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $351.08 | $351.08 |
| Total housing payment | $3,559.64 | $3,550.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99
Closing costs & prepaids$13,595
Usable credit−$0
Total buyer cash needed$13,694
Earnest money paid−$0
Remaining funds due$13,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,494.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$507.25
Initial HOA (3 months)$45.99
Prepaid interest, first (1 days)$89.67
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 closing29 yrOf the original 30-year loan at 6.560%
Interest already paid$32,928Through Nov 2026
Assumption only · ends Nov 2055$617,679
New conventional · ends Dec 2056$681,090