Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,369/mo
Lowest payment- Down payment
- $23,580
- Funds due
- $37,348
- Interest + MI left
- $538,768
- First ends
- Nov 2054
New loan
New conventional
$3,428/mo
+$59/mo- Down payment
- $48,500
- Funds due
- $58,706
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,420 | $436,500 |
| Second mortgage | — | — |
| First P&I | $2,985.64 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.30 |
| Taxes, insurance & HOA | $383.59 | $383.59 |
| Total housing payment | $3,369.22 | $3,427.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,580
Closing costs & prepaids$13,768
Usable credit−$0
Total buyer cash needed$37,348
Earnest money paid−$0
Remaining funds due$37,348
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,307.10
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$582.00
Initial HOA (3 months)$68.76
Prepaid interest, first (6 days)$492.27
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 6.49%
Interest already paid$63,209Through Dec 2026
Assumption only · ends Nov 2054$538,768
New conventional · ends Jan 2057$638,235