Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,052/mo
Lowest payment- Down payment
- $13,570
- Funds due
- $25,820
- Interest + MI left
- $492,763
- First ends
- Jul 2055
New loan
New conventional
$3,054/mo
+$2/mo- Down payment
- $39,800
- Funds due
- $48,937
- Interest + MI left
- $543,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $384,430 | $358,200 |
| Second mortgage | — | — |
| First P&I | $2,549.98 | $2,480.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.64 |
| Taxes, insurance & HOA | $502.50 | $502.50 |
| Total housing payment | $3,052.48 | $3,054.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,570
Closing costs & prepaids$12,250
Usable credit−$0
Total buyer cash needed$25,820
Earnest money paid−$0
Remaining funds due$25,820
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,922.15
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$995.00
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$71.94
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 8 moOf the original 30-year loan at 6.830%
Interest already paid$35,280Through Nov 2026
Assumption only · ends Jul 2055$492,763
New conventional · ends Dec 2056$543,234