Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,791/mo
Lowest payment- Down payment
- $31,014
- Funds due
- $43,118
- Interest + MI left
- $448,819
- First ends
- Jan 2055
New loan
New conventional
$2,872/mo
+$81/mo- Down payment
- $39,900
- Funds due
- $48,991
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,986 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,423.75 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $367.08 | $367.08 |
| Total housing payment | $2,790.83 | $2,871.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,014
Closing costs & prepaids$12,104
Usable credit−$0
Total buyer cash needed$43,118
Earnest money paid−$0
Remaining funds due$43,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,839.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$478.75
Initial HOA (3 months)$172.50
Prepaid interest, first (6 days)$404.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.69%
Interest already paid$47,732Through Dec 2026
Assumption only · ends Jan 2055$448,819
New conventional · ends Jan 2057$525,064