Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
Lowest payment- Down payment
- $33,887
- Funds due
- $46,935
- Interest + MI left
- $534,880
- First ends
- Oct 2055
New loan
New conventional
$3,340/mo
+$162/mo- Down payment
- $45,500
- Funds due
- $55,206
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $421,113 | $409,500 |
| Second mortgage | — | — |
| First P&I | $2,755.02 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.90 |
| Taxes, insurance & HOA | $423.16 | $423.16 |
| Total housing payment | $3,178.19 | $3,340.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,887
Closing costs & prepaids$13,048
Usable credit−$0
Total buyer cash needed$46,935
Earnest money paid−$0
Remaining funds due$46,935
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,105.57
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$627.50
Initial HOA (3 months)$141.99
Prepaid interest, first (2 days)$155.06
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 11 moOf the original 30-year loan at 6.720%
Interest already paid$30,854Through Nov 2026
Assumption only · ends Oct 2055$534,880
New conventional · ends Dec 2056$621,034