Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,494/mo
Lowest payment- Down payment
- $17,593
- Funds due
- $32,467
- Interest + MI left
- $425,342
- First ends
- May 2055
New loan
New conventional
$3,958/mo
+$464/mo- Down payment
- $47,500
- Funds due
- $58,861
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,407 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,581.14 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $912.50 | $912.50 |
| Total housing payment | $3,493.64 | $3,957.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,593
Closing costs & prepaids$14,874
Usable credit−$0
Total buyer cash needed$32,467
Earnest money paid−$0
Remaining funds due$32,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,287.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,187.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$131.58
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 6 moOf the original 30-year loan at 5.250%
Interest already paid$36,442Through Nov 2026
Assumption only · ends May 2055$425,342
New conventional · ends Dec 2056$648,333