Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,777/mo
Lowest payment- Down payment
- $31,437
- Funds due
- $47,097
- Interest + MI left
- $574,647
- First ends
- Jul 2055
New loan
New conventional
$4,206/mo
+$430/mo- Down payment
- $59,900
- Funds due
- $71,442
- Interest + MI left
- $788,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $567,563 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,330.06 | $3,652.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $446.58 | $446.58 |
| Total housing payment | $3,776.64 | $4,206.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,437
Closing costs & prepaids$15,660
Usable credit−$0
Total buyer cash needed$47,097
Earnest money paid−$0
Remaining funds due$47,097
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,837.82
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$524.80
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 7 moOf the original 30-year loan at 5.625%
Interest already paid$45,694Through Dec 2026
Assumption only · ends Jul 2055$574,647
New conventional · ends Jan 2057$788,253