Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $38,050
- Funds due
- $52,005
- Interest + MI left
- $254,930
- First ends
- Aug 2055
New loan
New conventional
$3,765/mo
+$1,163/mo- Down payment
- $51,000
- Funds due
- $61,343
- Interest + MI left
- $696,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $471,950 | $459,000 |
| Second mortgage | — | — |
| First P&I | $2,106.90 | $3,178.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.80 |
| Taxes, insurance & HOA | $495.00 | $495.00 |
| Total housing payment | $2,601.90 | $3,764.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,050
Closing costs & prepaids$13,955
Usable credit−$0
Total buyer cash needed$52,005
Earnest money paid−$0
Remaining funds due$52,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,359.75
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$760.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$42.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.250%
Interest already paid$19,438Through Nov 2026
Assumption only · ends Aug 2055$254,930
New conventional · ends Dec 2056$696,104