Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,218/mo
Lowest payment- Down payment
- $31,544
- Funds due
- $47,179
- Interest + MI left
- $666,058
- First ends
- Nov 2054
New loan
New conventional
$4,442/mo
+$224/mo- Down payment
- $61,500
- Funds due
- $72,820
- Interest + MI left
- $839,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $583,456 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,718.79 | $3,832.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $499.33 | $499.33 |
| Total housing payment | $4,218.13 | $4,442.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,544
Closing costs & prepaids$15,635
Usable credit−$0
Total buyer cash needed$47,179
Earnest money paid−$0
Remaining funds due$47,179
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,917.28
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$413.00
Initial HOA (3 months)$585.00
Prepaid interest, first (1 days)$101.51
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 6.350%
Interest already paid$75,057Through Nov 2026
Assumption only · ends Nov 2054$666,058
New conventional · ends Dec 2056$839,420