Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
+$22/mo- Down payment
- $4,721
- Funds due
- $17,961
- Interest + MI left
- $521,381
- First ends
- Nov 2055
New loan
New conventional
$3,155/mo
Lowest payment- Down payment
- $43,200
- Funds due
- $53,083
- Interest + MI left
- $568,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $427,279 | $388,800 |
| Second mortgage | — | — |
| First P&I | $2,733.89 | $2,633.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.76 |
| Taxes, insurance & HOA | $443.83 | $443.83 |
| Total housing payment | $3,177.72 | $3,155.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,721
Closing costs & prepaids$13,241
Usable credit−$0
Total buyer cash needed$17,961
Earnest money paid−$0
Remaining funds due$17,961
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%)$2,136.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$518.50
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$684.82
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$30,289Through Dec 2026
Assumption only · ends Nov 2055$521,381
New conventional · ends Jan 2057$568,490