Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,878/mo
Lowest payment- Down payment
- $46,446
- Funds due
- $61,861
- Interest + MI left
- $644,899
- First ends
- Nov 2055
New loan
New conventional
$4,106/mo
+$227/mo- Down payment
- $57,495
- Funds due
- $68,945
- Interest + MI left
- $756,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,504 | $517,455 |
| Second mortgage | — | — |
| First P&I | $3,381.56 | $3,505.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.49 |
| Taxes, insurance & HOA | $496.67 | $496.67 |
| Total housing payment | $3,878.23 | $4,105.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,446
Closing costs & prepaids$15,415
Usable credit−$0
Total buyer cash needed$61,861
Earnest money paid−$0
Remaining funds due$61,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,749.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,642.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$564.70
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 6.5%
Interest already paid$37,464Through Dec 2026
Assumption only · ends Nov 2055$644,899
New conventional · ends Jan 2057$756,605