Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,481/mo
Lowest payment- Down payment
- $42,846
- Funds due
- $54,613
- Interest + MI left
- $402,502
- First ends
- Sep 2055
New loan
New conventional
$2,706/mo
+$224/mo- Down payment
- $37,500
- Funds due
- $46,504
- Interest + MI left
- $493,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,154 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,129.44 | $2,286.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $352.00 | $352.00 |
| Total housing payment | $2,481.44 | $2,705.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,846
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$54,613
Earnest money paid−$0
Remaining funds due$54,613
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,660.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$450.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$532.36
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 yr 9 moOf the original 30-year loan at 6.5%
Interest already paid$27,196Through Dec 2026
Assumption only · ends Sep 2055$402,502
New conventional · ends Jan 2057$493,481