Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,303/mo
Lowest payment- Down payment
- $33,409
- Funds due
- $47,740
- Interest + MI left
- $468,259
- First ends
- Nov 2054
New loan
New conventional
$3,680/mo
+$377/mo- Down payment
- $50,900
- Funds due
- $61,652
- Interest + MI left
- $669,818
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $475,591 | $458,100 |
| Second mortgage | — | — |
| First P&I | $2,817.46 | $3,103.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.62 |
| Taxes, insurance & HOA | $485.25 | $485.25 |
| Total housing payment | $3,302.71 | $3,680.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,409
Closing costs & prepaids$14,331
Usable credit−$0
Total buyer cash needed$47,740
Earnest money paid−$0
Remaining funds due$47,740
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,377.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$610.75
Initial HOA (3 months)$345.00
Prepaid interest, first (6 days)$439.76
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 5.625%
Interest already paid$56,593Through Dec 2026
Assumption only · ends Nov 2054$468,259
New conventional · ends Jan 2057$669,818