Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,319/mo
Lowest payment- Down payment
- $3,155
- Funds due
- $16,789
- Interest + MI left
- $518,041
- First ends
- Jul 2055
New loan
New conventional
$3,574/mo
+$255/mo- Down payment
- $49,990
- Funds due
- $59,861
- Interest + MI left
- $682,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,745 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,949.96 | $3,115.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $368.58 | $368.58 |
| Total housing payment | $3,318.54 | $3,573.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,155
Closing costs & prepaids$13,635
Usable credit−$0
Total buyer cash needed$16,789
Earnest money paid−$0
Remaining funds due$16,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,483.73
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$80.75
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$78.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 5.750%
Interest already paid$38,445Through Nov 2026
Assumption only · ends Jul 2055$518,041
New conventional · ends Dec 2056$682,319