Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,460/mo
Lowest payment- Down payment
- $17,533
- Funds due
- $31,050
- Interest + MI left
- $594,690
- First ends
- Jul 2055
New loan
New conventional
$3,569/mo
+$109/mo- Down payment
- $51,000
- Funds due
- $60,756
- Interest + MI left
- $696,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,467 | $459,000 |
| Second mortgage | — | — |
| First P&I | $3,160.34 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.80 |
| Taxes, insurance & HOA | $299.33 | $299.33 |
| Total housing payment | $3,459.67 | $3,569.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,533
Closing costs & prepaids$13,516
Usable credit−$0
Total buyer cash needed$31,050
Earnest money paid−$0
Remaining funds due$31,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,462.33
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$398.00
Prepaid interest, first (1 days)$87.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.500%
Interest already paid$43,032Through Nov 2026
Assumption only · ends Jul 2055$594,690
New conventional · ends Dec 2056$696,104