Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,925/mo
Lowest payment- Down payment
- $42,721
- Funds due
- $54,956
- Interest + MI left
- $507,006
- First ends
- Sep 2055
New loan
New conventional
$3,132/mo
+$206/mo- Down payment
- $43,971
- Funds due
- $53,002
- Interest + MI left
- $600,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,992 | $395,742 |
| Second mortgage | — | — |
| First P&I | $2,612.71 | $2,740.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.15 |
| Taxes, insurance & HOA | $312.67 | $312.67 |
| Total housing payment | $2,925.38 | $3,131.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,721
Closing costs & prepaids$12,235
Usable credit−$0
Total buyer cash needed$54,956
Earnest money paid−$0
Remaining funds due$54,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,397.13
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,984.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$296.00
Initial HOA (3 months)$192.00
Prepaid interest, first (2 days)$147.27
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 10 moOf the original 30-year loan at 6.770%
Interest already paid$31,570Through Nov 2026
Assumption only · ends Sep 2055$507,006
New conventional · ends Dec 2056$600,169