Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,054/mo
Lowest payment- Down payment
- $30,727
- Funds due
- $45,464
- Interest + MI left
- $378,559
- First ends
- Jul 2055
New loan
New conventional
$3,889/mo
+$835/mo- Down payment
- $55,000
- Funds due
- $66,019
- 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 | $519,273 | $495,000 |
| Second mortgage | — | — |
| First P&I | $2,617.59 | $3,353.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.00 |
| Taxes, insurance & HOA | $436.67 | $436.67 |
| Total housing payment | $3,054.25 | $3,888.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,727
Closing costs & prepaids$14,737
Usable credit−$0
Total buyer cash needed$45,464
Earnest money paid−$0
Remaining funds due$45,464
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%)$2,596.37
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)$150.00
Prepaid interest, first (6 days)$362.78
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 4.25%
Interest already paid$31,677Through Dec 2026
Assumption only · ends Jul 2055$378,559
New conventional · ends Jan 2057$723,772