Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,447/mo
Lowest payment- Down payment
- $38,858
- Funds due
- $53,267
- Interest + MI left
- $539,020
- First ends
- Dec 2054
New loan
New conventional
$3,602/mo
+$155/mo- Down payment
- $49,800
- Funds due
- $60,679
- Interest + MI left
- $655,343
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $459,142 | $448,200 |
| Second mortgage | — | — |
| First P&I | $2,970.72 | $3,036.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.64 |
| Taxes, insurance & HOA | $476.16 | $476.16 |
| Total housing payment | $3,446.88 | $3,602.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,858
Closing costs & prepaids$14,408
Usable credit−$0
Total buyer cash needed$53,267
Earnest money paid−$0
Remaining funds due$53,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,295.71
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$597.50
Initial HOA (3 months)$330.99
Prepaid interest, first (9 days)$735.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$60,439Through Dec 2026
Assumption only · ends Dec 2054$539,020
New conventional · ends Jan 2057$655,343