Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,553/mo
Lowest payment- Down payment
- $38,879
- Funds due
- $53,017
- Interest + MI left
- $253,652
- First ends
- Aug 2055
New loan
New conventional
$3,647/mo
+$1,094/mo- Down payment
- $51,000
- Funds due
- $61,915
- Interest + MI left
- $671,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $471,121 | $459,000 |
| Second mortgage | — | — |
| First P&I | $2,106.90 | $3,109.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.80 |
| Taxes, insurance & HOA | $445.67 | $445.67 |
| Total housing payment | $2,552.57 | $3,646.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,879
Closing costs & prepaids$14,138
Usable credit−$0
Total buyer cash needed$53,017
Earnest money paid−$0
Remaining funds due$53,017
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%)$2,355.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$612.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$377.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.25%
Interest already paid$20,716Through Dec 2026
Assumption only · ends Aug 2055$253,652
New conventional · ends Jan 2057$671,134