Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,351/mo
+$52/mo- Down payment
- $2,005
- Funds due
- $15,589
- Interest + MI left
- $553,062
- First ends
- Aug 2055
New loan
New conventional
$3,300/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $56,041
- Interest + MI left
- $605,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,994 | $413,999 |
| Second mortgage | — | — |
| First P&I | $2,939.12 | $2,804.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $412.34 | $412.34 |
| Total housing payment | $3,351.45 | $3,299.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,005
Closing costs & prepaids$13,584
Usable credit−$0
Total buyer cash needed$15,589
Earnest money paid−$0
Remaining funds due$15,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,289.97
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$185.01
Prepaid interest, first (6 days)$489.36
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$40,020Through Dec 2026
Assumption only · ends Aug 2055$553,062
New conventional · ends Jan 2057$605,335