Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,819/mo
Lowest payment- Down payment
- $41,087
- Funds due
- $53,118
- Interest + MI left
- $444,834
- First ends
- Nov 2054
New loan
New conventional
$3,060/mo
+$241/mo- Down payment
- $42,000
- Funds due
- $50,933
- Interest + MI left
- $573,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,913 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,451.63 | $2,617.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $367.00 | $367.00 |
| Total housing payment | $2,818.63 | $3,059.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,087
Closing costs & prepaids$12,031
Usable credit−$0
Total buyer cash needed$53,118
Earnest money paid−$0
Remaining funds due$53,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,894.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$473.50
Initial HOA (3 months)$177.51
Prepaid interest, first (1 days)$67.48
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$49,878Through Nov 2026
Assumption only · ends Nov 2054$444,834
New conventional · ends Dec 2056$573,262