Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,130/mo
Lowest payment- Down payment
- $25,518
- Funds due
- $38,687
- Interest + MI left
- $502,286
- First ends
- Nov 2054
New loan
New conventional
$3,204/mo
+$74/mo- Down payment
- $45,490
- Funds due
- $55,288
- Interest + MI left
- $598,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $429,382 | $409,410 |
| Second mortgage | — | — |
| First P&I | $2,781.10 | $2,773.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.88 |
| Taxes, insurance & HOA | $348.67 | $348.67 |
| Total housing payment | $3,129.77 | $3,204.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,518
Closing costs & prepaids$13,169
Usable credit−$0
Total buyer cash needed$38,687
Earnest money paid−$0
Remaining funds due$38,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,146.91
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$546.00
Prepaid interest, first (6 days)$458.79
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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$58,909Through Dec 2026
Assumption only · ends Nov 2054$502,286
New conventional · ends Jan 2057$598,625