Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,505/mo
Lowest payment- Down payment
- $46,177
- Funds due
- $59,798
- Interest + MI left
- $575,765
- First ends
- Aug 2054
New loan
New conventional
$3,602/mo
+$97/mo- Down payment
- $49,500
- Funds due
- $59,596
- Interest + MI left
- $675,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $448,823 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,076.84 | $3,084.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $428.33 | $428.33 |
| Total housing payment | $3,505.17 | $3,601.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,177
Closing costs & prepaids$13,621
Usable credit−$0
Total buyer cash needed$59,798
Earnest money paid−$0
Remaining funds due$59,798
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,244.12
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$584.00
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$173.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.060%
Interest already paid$72,213Through Nov 2026
Assumption only · ends Aug 2054$575,765
New conventional · ends Dec 2056$675,631