Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,651/mo
+$31/mo- Down payment
- $8,715
- Funds due
- $23,408
- Interest + MI left
- $561,364
- First ends
- Feb 2055
New loan
New conventional
$3,620/mo
Lowest payment- Down payment
- $48,350
- Funds due
- $59,402
- Interest + MI left
- $636,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $474,785 | $435,150 |
| Second mortgage | — | — |
| First P&I | $3,065.53 | $2,947.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.03 |
| Taxes, insurance & HOA | $585.08 | $585.08 |
| Total housing payment | $3,650.61 | $3,619.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,715
Closing costs & prepaids$14,693
Usable credit−$0
Total buyer cash needed$23,408
Earnest money paid−$0
Remaining funds due$23,408
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,835.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,373.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$580.25
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$760.96
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$57,227Through Dec 2026
Assumption only · ends Feb 2055$561,364
New conventional · ends Jan 2057$636,261