Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,192/mo
Lowest payment- Down payment
- $4,304
- Funds due
- $17,058
- Interest + MI left
- $523,697
- First ends
- Nov 2055
New loan
New conventional
$3,228/mo
+$36/mo- Down payment
- $43,200
- Funds due
- $52,596
- Interest + MI left
- $589,641
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $427,696 | $388,800 |
| Second mortgage | — | — |
| First P&I | $2,733.89 | $2,691.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.76 |
| Taxes, insurance & HOA | $458.50 | $458.50 |
| Total housing payment | $3,192.39 | $3,228.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,304
Closing costs & prepaids$12,754
Usable credit−$0
Total buyer cash needed$17,058
Earnest money paid−$0
Remaining funds due$17,058
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,138.48
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$562.50
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$152.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$27,972Through Nov 2026
Assumption only · ends Nov 2055$523,697
New conventional · ends Dec 2056$589,641