Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,109/mo
+$116/mo- Down payment
- $2,660
- Funds due
- $15,503
- Interest + MI left
- $495,821
- First ends
- Jan 2055
New loan
New conventional
$2,993/mo
Lowest payment- Down payment
- $40,700
- Funds due
- $50,300
- Interest + MI left
- $535,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,340 | $366,300 |
| Second mortgage | — | — |
| First P&I | $2,671.10 | $2,481.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.26 |
| Taxes, insurance & HOA | $437.83 | $437.83 |
| Total housing payment | $3,108.93 | $2,992.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,660
Closing costs & prepaids$12,843
Usable credit−$0
Total buyer cash needed$15,503
Earnest money paid−$0
Remaining funds due$15,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,021.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$488.50
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$669.99
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 1 moOf the original 30-year loan at 6.72%
Interest already paid$52,679Through Dec 2026
Assumption only · ends Jan 2055$495,821
New conventional · ends Jan 2057$535,591