Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,325/mo
Lowest payment- Down payment
- $28,408
- Funds due
- $41,754
- Interest + MI left
- $523,320
- First ends
- Nov 2054
New loan
New conventional
$3,484/mo
+$159/mo- Down payment
- $47,500
- Funds due
- $57,353
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,592 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,886.64 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $438.75 | $438.75 |
| Total housing payment | $3,325.39 | $3,484.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,408
Closing costs & prepaids$13,347
Usable credit−$0
Total buyer cash needed$41,754
Earnest money paid−$0
Remaining funds due$41,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,232.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$459.25
Initial HOA (3 months)$357.00
Prepaid interest, first (1 days)$79.41
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 6.490%
Interest already paid$58,698Through Nov 2026
Assumption only · ends Nov 2054$523,320
New conventional · ends Dec 2056$648,333