Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,333/mo
Lowest payment- Down payment
- $6,534
- Funds due
- $19,871
- Interest + MI left
- $537,768
- First ends
- Dec 2054
New loan
New conventional
$3,479/mo
+$146/mo- Down payment
- $50,000
- Funds due
- $59,586
- Interest + MI left
- $682,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $493,465 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,060.04 | $3,115.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $273.25 | $273.25 |
| Total housing payment | $3,333.29 | $3,478.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,534
Closing costs & prepaids$13,337
Usable credit−$0
Total buyer cash needed$19,871
Earnest money paid−$0
Remaining funds due$19,871
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,467.33
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$307.25
Initial HOA (3 months)$12.51
Prepaid interest, first (1 days)$82.33
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 yr 1 moOf the original 30-year loan at 6.090%
Interest already paid$58,346Through Nov 2026
Assumption only · ends Dec 2054$537,768
New conventional · ends Dec 2056$682,454