Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,529/mo
Lowest payment- Down payment
- $40,718
- Funds due
- $55,706
- Interest + MI left
- $496,127
- First ends
- Aug 2054
New loan
New conventional
$3,953/mo
+$424/mo- Down payment
- $55,000
- Funds due
- $66,211
- Interest + MI left
- $723,772
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $509,282 | $495,000 |
| Second mortgage | — | — |
| First P&I | $3,028.34 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $500.67 | $500.67 |
| Total housing payment | $3,529.01 | $3,952.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,718
Closing costs & prepaids$14,987
Usable credit−$0
Total buyer cash needed$55,706
Earnest money paid−$0
Remaining funds due$55,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,546.41
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)$342.00
Prepaid interest, first (6 days)$470.91
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 closing27 yr 8 moOf the original 30-year loan at 5.625%
Interest already paid$68,008Through Dec 2026
Assumption only · ends Aug 2054$496,127
New conventional · ends Jan 2057$723,772