Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,761/mo
Lowest payment- Down payment
- $26,414
- Funds due
- $41,147
- Interest + MI left
- $637,413
- First ends
- Oct 2055
New loan
New conventional
$3,790/mo
+$29/mo- Down payment
- $53,000
- Funds due
- $63,899
- Interest + MI left
- $697,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,586 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,297.69 | $3,231.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.40 |
| Taxes, insurance & HOA | $463.67 | $463.67 |
| Total housing payment | $3,761.35 | $3,790.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,414
Closing costs & prepaids$14,733
Usable credit−$0
Total buyer cash needed$41,147
Earnest money paid−$0
Remaining funds due$41,147
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,517.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$556.29
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$39,754Through Dec 2026
Assumption only · ends Oct 2055$637,413
New conventional · ends Jan 2057$697,453