Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,693/mo
+$26/mo- Down payment
- $1,168
- Funds due
- $15,721
- Interest + MI left
- $539,771
- First ends
- Jan 2055
New loan
New conventional
$3,667/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $58,427
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,832 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,007.72 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $685.42 | $685.42 |
| Total housing payment | $3,693.14 | $3,666.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,168
Closing costs & prepaids$14,554
Usable credit−$0
Total buyer cash needed$15,721
Earnest money paid−$0
Remaining funds due$15,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,369.16
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,211.25
Initial HOA (3 months)$345.00
Prepaid interest, first (5 days)$410.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 6.32%
Interest already paid$58,110Through Dec 2026
Assumption only · ends Jan 2055$539,771
New conventional · ends Jan 2057$625,076