Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
Lowest payment- Down payment
- $18,272
- Funds due
- $31,343
- Interest + MI left
- $502,853
- First ends
- Dec 2054
New loan
New conventional
$3,379/mo
+$205/mo- Down payment
- $47,700
- Funds due
- $57,218
- Interest + MI left
- $651,062
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,728 | $429,300 |
| Second mortgage | — | — |
| First P&I | $2,853.36 | $2,972.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.86 |
| Taxes, insurance & HOA | $320.91 | $320.91 |
| Total housing payment | $3,174.27 | $3,379.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,272
Closing costs & prepaids$13,071
Usable credit−$0
Total buyer cash needed$31,343
Earnest money paid−$0
Remaining funds due$31,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,293.64
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$377.75
Initial HOA (3 months)$84.99
Prepaid interest, first (1 days)$76.92
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 6.120%
Interest already paid$54,502Through Nov 2026
Assumption only · ends Dec 2054$502,853
New conventional · ends Dec 2056$651,062