Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,810/mo
Lowest payment- Down payment
- $28,059
- Funds due
- $42,844
- Interest + MI left
- $526,034
- First ends
- Aug 2055
New loan
New conventional
$3,826/mo
+$16/mo- Down payment
- $43,990
- Funds due
- $55,484
- Interest + MI left
- $572,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $411,841 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,726.38 | $2,663.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $1,083.92 | $1,083.92 |
| Total housing payment | $3,810.30 | $3,826.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,059
Closing costs & prepaids$14,785
Usable credit−$0
Total buyer cash needed$42,844
Earnest money paid−$0
Remaining funds due$42,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,059.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,121.75
Initial HOA (3 months)$1,680.00
Prepaid interest, first (4 days)$307.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 8 moOf the original 30-year loan at 6.81%
Interest already paid$37,686Through Dec 2026
Assumption only · ends Aug 2055$526,034
New conventional · ends Jan 2057$572,147