Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,572/mo
Lowest payment- Down payment
- $42,699
- Funds due
- $57,378
- Interest + MI left
- $596,186
- First ends
- May 2055
New loan
New conventional
$3,718/mo
+$146/mo- Down payment
- $52,900
- Funds due
- $63,872
- Interest + MI left
- $696,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $486,301 | $476,100 |
| Second mortgage | — | — |
| First P&I | $3,174.45 | $3,225.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.22 |
| Taxes, insurance & HOA | $397.75 | $397.75 |
| Total housing payment | $3,572.20 | $3,718.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,699
Closing costs & prepaids$14,679
Usable credit−$0
Total buyer cash needed$57,378
Earnest money paid−$0
Remaining funds due$57,378
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,431.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$634.75
Initial HOA (3 months)$58.50
Prepaid interest, first (9 days)$796.20
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 5 moOf the original 30-year loan at 6.64%
Interest already paid$51,616Through Dec 2026
Assumption only · ends May 2055$596,186
New conventional · ends Jan 2057$696,137