Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,348/mo
Lowest payment- Down payment
- $27,715
- Funds due
- $41,675
- Interest + MI left
- $523,837
- First ends
- Dec 2054
New loan
New conventional
$3,521/mo
+$173/mo- Down payment
- $49,990
- Funds due
- $60,345
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $472,185 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,964.35 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $383.34 | $383.34 |
| Total housing payment | $3,347.69 | $3,521.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,715
Closing costs & prepaids$13,959
Usable credit−$0
Total buyer cash needed$41,675
Earnest money paid−$0
Remaining funds due$41,675
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,360.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$481.24
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 yrOf the original 30-year loan at 6.2%
Interest already paid$59,329Through Dec 2026
Assumption only · ends Dec 2054$523,837
New conventional · ends Jan 2057$657,843