Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,935/mo
Lowest payment- Down payment
- $18,584
- Funds due
- $30,576
- Interest + MI left
- $494,751
- First ends
- May 2055
New loan
New conventional
$3,008/mo
+$72/mo- Down payment
- $42,000
- Funds due
- $50,776
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,416 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,620.37 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $314.83 | $314.83 |
| Total housing payment | $2,935.21 | $3,007.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,584
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$30,576
Earnest money paid−$0
Remaining funds due$30,576
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,007.08
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$314.50
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$73.13
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$40,403Through Nov 2026
Assumption only · ends May 2055$494,751
New conventional · ends Dec 2056$573,262