Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,074/mo
Lowest payment- Down payment
- $51,787
- Funds due
- $67,308
- Interest + MI left
- $617,476
- First ends
- Mar 2055
New loan
New conventional
$4,319/mo
+$245/mo- Down payment
- $55,000
- Funds due
- $66,704
- Interest + MI left
- $750,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,213 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,281.44 | $3,427.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $792.83 | $792.83 |
| Total housing payment | $4,074.27 | $4,319.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,787
Closing costs & prepaids$15,521
Usable credit−$0
Total buyer cash needed$67,308
Earnest money paid−$0
Remaining funds due$67,308
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,491.07
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,428.50
Initial HOA (3 months)$450.00
Prepaid interest, first (2 days)$183.45
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 4 moOf the original 30-year loan at 6.720%
Interest already paid$56,355Through Nov 2026
Assumption only · ends Mar 2055$617,476
New conventional · ends Dec 2056$750,701