Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,253/mo
Lowest payment- Down payment
- $38,664
- Funds due
- $52,321
- Interest + MI left
- $531,473
- First ends
- Apr 2055
New loan
New conventional
$3,421/mo
+$168/mo- Down payment
- $48,500
- Funds due
- $58,685
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,336 | $436,500 |
| Second mortgage | — | — |
| First P&I | $2,875.91 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.30 |
| Taxes, insurance & HOA | $376.67 | $376.67 |
| Total housing payment | $3,252.58 | $3,420.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,664
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$52,321
Earnest money paid−$0
Remaining funds due$52,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,231.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$582.00
Initial HOA (3 months)$48.00
Prepaid interest, first (6 days)$476.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.5%
Interest already paid$48,854Through Dec 2026
Assumption only · ends Apr 2055$531,473
New conventional · ends Jan 2057$638,235