Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,590/mo
+$76/mo- Down payment
- $580
- Funds due
- $14,712
- Interest + MI left
- $614,952
- First ends
- Nov 2055
New loan
New conventional
$3,514/mo
Lowest payment- Down payment
- $49,900
- Funds due
- $60,241
- Interest + MI left
- $656,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,420 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,208.56 | $3,042.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $381.58 | $381.58 |
| Total housing payment | $3,590.14 | $3,513.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$580
Closing costs & prepaids$14,132
Usable credit−$0
Total buyer cash needed$14,712
Earnest money paid−$0
Remaining funds due$14,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,492.10
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$598.75
Initial HOA (3 months)$45.99
Prepaid interest, first (6 days)$537.47
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 11 moOf the original 30-year loan at 6.56%
Interest already paid$35,655Through Dec 2026
Assumption only · ends Nov 2055$614,952
New conventional · ends Jan 2057$656,658