Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
+$44/mo- Down payment
- $7,164
- Funds due
- $19,119
- Interest + MI left
- $509,759
- First ends
- Sep 2055
New loan
New conventional
$2,923/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $48,796
- Interest + MI left
- $545,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,835 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,608.65 | $2,492.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $358.34 | $358.34 |
| Total housing payment | $2,966.99 | $2,922.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,164
Closing costs & prepaids$11,955
Usable credit−$0
Total buyer cash needed$19,119
Earnest money paid−$0
Remaining funds due$19,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,964.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$545.00
Initial HOA (3 months)$80.01
Prepaid interest, first (2 days)$147.66
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 6.860%
Interest already paid$31,651Through Nov 2026
Assumption only · ends Sep 2055$509,759
New conventional · ends Dec 2056$545,963