Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,784/mo
Lowest payment- Down payment
- $33,961
- Funds due
- $45,540
- Interest + MI left
- $459,832
- First ends
- Aug 2054
New loan
New conventional
$2,868/mo
+$84/mo- Down payment
- $39,990
- Funds due
- $48,550
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,939 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,479.79 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $304.33 | $304.33 |
| Total housing payment | $2,784.13 | $2,868.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,961
Closing costs & prepaids$11,579
Usable credit−$0
Total buyer cash needed$45,540
Earnest money paid−$0
Remaining funds due$45,540
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,829.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$268.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$69.58
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 9 moOf the original 30-year loan at 6.940%
Interest already paid$57,893Through Nov 2026
Assumption only · ends Aug 2054$459,832
New conventional · ends Dec 2056$545,828