Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,510/mo
Lowest payment- Down payment
- $48,037
- Funds due
- $62,610
- Interest + MI left
- $587,864
- First ends
- Jun 2055
New loan
New conventional
$3,692/mo
+$182/mo- Down payment
- $52,500
- Funds due
- $63,425
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $476,963 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,113.53 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $396.17 | $396.17 |
| Total housing payment | $3,509.70 | $3,691.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,037
Closing costs & prepaids$14,573
Usable credit−$0
Total buyer cash needed$62,610
Earnest money paid−$0
Remaining funds due$62,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,384.82
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$58.50
Prepaid interest, first (9 days)$782.09
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$48,007Through Dec 2026
Assumption only · ends Jun 2055$587,864
New conventional · ends Jan 2057$690,873