Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,345/mo
Lowest payment- Down payment
- $16,682
- Funds due
- $29,818
- Interest + MI left
- $517,396
- First ends
- Jun 2055
New loan
New conventional
$3,406/mo
+$61/mo- Down payment
- $43,500
- Funds due
- $53,319
- 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 | $418,318 | $391,500 |
| Second mortgage | — | — |
| First P&I | $2,728.03 | $2,710.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $616.67 | $616.67 |
| Total housing payment | $3,344.70 | $3,405.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,682
Closing costs & prepaids$13,136
Usable credit−$0
Total buyer cash needed$29,818
Earnest money paid−$0
Remaining funds due$29,818
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%)$2,091.59
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,087.50
Initial HOA (3 months)$312.51
Prepaid interest, first (1 days)$76.21
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$39,745Through Nov 2026
Assumption only · ends Jun 2055$517,396
New conventional · ends Dec 2056$593,736