Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,407/mo
Lowest payment- Down payment
- $47,611
- Funds due
- $61,142
- Interest + MI left
- $517,224
- First ends
- Jul 2054
New loan
New conventional
$3,557/mo
+$149/mo- Down payment
- $46,000
- Funds due
- $56,221
- Interest + MI left
- $627,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $412,389 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,800.04 | $2,866.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $607.42 | $607.42 |
| Total housing payment | $3,407.46 | $3,556.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,611
Closing costs & prepaids$13,531
Usable credit−$0
Total buyer cash needed$61,142
Earnest money paid−$0
Remaining funds due$61,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,061.94
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$602.25
Initial HOA (3 months)$720.00
Prepaid interest, first (1 days)$78.52
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 6.950%
Interest already paid$67,790Through Nov 2026
Assumption only · ends Jul 2054$517,224
New conventional · ends Dec 2056$627,859