Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,918/mo
Lowest payment- Down payment
- $47,081
- Funds due
- $62,095
- Interest + MI left
- $641,922
- First ends
- Jan 2055
New loan
New conventional
$4,195/mo
+$277/mo- Down payment
- $59,000
- Funds due
- $69,938
- Interest + MI left
- $805,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $542,919 | $531,000 |
| Second mortgage | — | — |
| First P&I | $3,505.45 | $3,676.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $412.67 | $412.67 |
| Total housing payment | $3,918.12 | $4,195.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,081
Closing costs & prepaids$15,014
Usable credit−$0
Total buyer cash needed$62,095
Earnest money paid−$0
Remaining funds due$62,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,714.60
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.00
Initial HOA (3 months)$56.01
Prepaid interest, first (2 days)$193.37
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 2 moOf the original 30-year loan at 6.500%
Interest already paid$65,439Through Nov 2026
Assumption only · ends Jan 2055$641,922
New conventional · ends Dec 2056$805,297