Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,464/mo
Lowest payment- Down payment
- $38,716
- Funds due
- $55,500
- Interest + MI left
- $737,040
- First ends
- Feb 2055
New loan
New conventional
$4,472/mo
+$8/mo- Down payment
- $62,500
- Funds due
- $74,942
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $586,284 | $562,500 |
| Second mortgage | — | — |
| First P&I | $3,915.16 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $548.67 | $548.67 |
| Total housing payment | $4,463.83 | $4,471.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,716
Closing costs & prepaids$16,784
Usable credit−$0
Total buyer cash needed$55,500
Earnest money paid−$0
Remaining funds due$55,500
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,931.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$988.81
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 2 moOf the original 30-year loan at 6.84%
Interest already paid$74,310Through Dec 2026
Assumption only · ends Feb 2055$737,040
New conventional · ends Jan 2057$822,468