Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $36,931
- Funds due
- $48,664
- Interest + MI left
- $449,056
- First ends
- Jul 2054
New loan
New conventional
$2,915/mo
+$93/mo- Down payment
- $39,250
- Funds due
- $48,024
- Interest + MI left
- $535,727
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,569 | $353,250 |
| Second mortgage | — | — |
| First P&I | $2,423.57 | $2,445.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.65 |
| Taxes, insurance & HOA | $398.17 | $398.17 |
| Total housing payment | $2,821.74 | $2,914.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,931
Closing costs & prepaids$11,733
Usable credit−$0
Total buyer cash needed$48,664
Earnest money paid−$0
Remaining funds due$48,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,925.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,777.85
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.50
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$68.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.990%
Interest already paid$58,780Through Nov 2026
Assumption only · ends Jul 2054$449,056
New conventional · ends Dec 2056$535,727