Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,081/mo
Lowest payment- Down payment
- $35,522
- Funds due
- $48,374
- Interest + MI left
- $527,367
- First ends
- Sep 2055
New loan
New conventional
$3,175/mo
+$94/mo- Down payment
- $44,990
- Funds due
- $54,544
- Interest + MI left
- $592,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,378 | $404,910 |
| Second mortgage | — | — |
| First P&I | $2,729.70 | $2,743.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.98 |
| Taxes, insurance & HOA | $350.83 | $350.83 |
| Total housing payment | $3,080.53 | $3,174.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,522
Closing costs & prepaids$12,853
Usable credit−$0
Total buyer cash needed$48,374
Earnest money paid−$0
Remaining funds due$48,374
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,071.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$461.15
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 9 moOf the original 30-year loan at 6.77%
Interest already paid$35,324Through Dec 2026
Assumption only · ends Sep 2055$527,367
New conventional · ends Jan 2057$592,045