Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,074/mo
Lowest payment- Down payment
- $34,670
- Funds due
- $50,006
- Interest + MI left
- $688,824
- First ends
- Nov 2055
New loan
New conventional
$4,278/mo
+$204/mo- Down payment
- $58,900
- Funds due
- $70,097
- Interest + MI left
- $803,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $554,330 | $530,100 |
| Second mortgage | — | — |
| First P&I | $3,572.28 | $3,670.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.02 |
| Taxes, insurance & HOA | $502.00 | $502.00 |
| Total housing payment | $4,074.28 | $4,278.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,670
Closing costs & prepaids$15,336
Usable credit−$0
Total buyer cash needed$50,006
Earnest money paid−$0
Remaining funds due$50,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,771.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$931.00
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$199.86
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 6.580%
Interest already paid$36,697Through Nov 2026
Assumption only · ends Nov 2055$688,824
New conventional · ends Dec 2056$803,932