Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,899/mo
Lowest payment- Down payment
- $37,167
- Funds due
- $49,482
- Interest + MI left
- $469,155
- First ends
- Dec 2055
New loan
New conventional
$3,147/mo
+$248/mo- Down payment
- $41,900
- Funds due
- $51,103
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,833 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,438.36 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $460.17 | $460.17 |
| Total housing payment | $2,898.53 | $3,146.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,167
Closing costs & prepaids$12,316
Usable credit−$0
Total buyer cash needed$49,482
Earnest money paid−$0
Remaining funds due$49,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,909.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$774.50
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$68.00
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 closing29 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$22,880Through Nov 2026
Assumption only · ends Dec 2055$469,155
New conventional · ends Dec 2056$571,898