Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,135/mo
Lowest payment- Down payment
- $4,872
- Funds due
- $18,096
- Interest + MI left
- $506,774
- First ends
- Nov 2055
New loan
New conventional
$3,155/mo
+$20/mo- 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 | $427,128 | $388,800 |
| Second mortgage | — | — |
| First P&I | $2,691.36 | $2,633.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.76 |
| Taxes, insurance & HOA | $443.83 | $443.83 |
| Total housing payment | $3,135.20 | $3,155.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,872
Closing costs & prepaids$13,224
Usable credit−$0
Total buyer cash needed$18,096
Earnest money paid−$0
Remaining funds due$18,096
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%)$2,135.64
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)$668.78
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 6.35%
Interest already paid$29,585Through Dec 2026
Assumption only · ends Nov 2055$506,774
New conventional · ends Jan 2057$568,490