Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,909/mo
+$32/mo- Down payment
- $22,108
- Funds due
- $37,078
- Interest + MI left
- $663,495
- First ends
- Jun 2055
New loan
New conventional
$3,878/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $65,976
- Interest + MI left
- $723,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $527,792 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,483.30 | $3,352.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $3,909.29 | $3,877.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,108
Closing costs & prepaids$14,970
Usable credit−$0
Total buyer cash needed$37,078
Earnest money paid−$0
Remaining funds due$37,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,638.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$117.99
Prepaid interest, first (6 days)$586.50
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$53,992Through Dec 2026
Assumption only · ends Jun 2055$663,495
New conventional · ends Jan 2057$723,640