Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,132/mo
Lowest payment- Down payment
- $29,283
- Funds due
- $42,484
- Interest + MI left
- $532,521
- First ends
- Oct 2055
New loan
New conventional
$3,202/mo
+$70/mo- Down payment
- $45,000
- Funds due
- $54,874
- Interest + MI left
- $592,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,717 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,755.02 | $2,743.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $377.33 | $377.33 |
| Total housing payment | $3,132.35 | $3,201.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,283
Closing costs & prepaids$13,201
Usable credit−$0
Total buyer cash needed$42,484
Earnest money paid−$0
Remaining funds due$42,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,103.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$141.99
Prepaid interest, first (9 days)$697.12
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 10 moOf the original 30-year loan at 6.72%
Interest already paid$33,212Through Dec 2026
Assumption only · ends Oct 2055$532,521
New conventional · ends Jan 2057$592,177