Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,940/mo
Lowest payment- Down payment
- $51,264
- Funds due
- $66,173
- Interest + MI left
- $680,362
- First ends
- Oct 2055
New loan
New conventional
$4,192/mo
+$252/mo- Down payment
- $58,500
- Funds due
- $69,370
- Interest + MI left
- $798,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $533,736 | $526,500 |
| Second mortgage | — | — |
| First P&I | $3,498.84 | $3,645.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $105.30 |
| Taxes, insurance & HOA | $441.08 | $441.08 |
| Total housing payment | $3,939.92 | $4,191.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,264
Closing costs & prepaids$14,908
Usable credit−$0
Total buyer cash needed$66,173
Earnest money paid−$0
Remaining funds due$66,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,668.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$28.25
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$98.56
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 11 moOf the original 30-year loan at 6.740%
Interest already paid$39,221Through Nov 2026
Assumption only · ends Oct 2055$680,362
New conventional · ends Dec 2056$798,473