Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,644/mo
Lowest payment- Down payment
- $33,661
- Funds due
- $47,443
- Interest + MI left
- $606,318
- First ends
- Jun 2054
New loan
New conventional
$3,711/mo
+$67/mo- Down payment
- $53,000
- Funds due
- $62,981
- Interest + MI left
- $723,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,339 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,331.29 | $3,302.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.40 |
| Taxes, insurance & HOA | $313.00 | $313.00 |
| Total housing payment | $3,644.29 | $3,711.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,661
Closing costs & prepaids$13,781
Usable credit−$0
Total buyer cash needed$47,443
Earnest money paid−$0
Remaining funds due$47,443
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,481.69
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$181.00
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$92.74
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$82,996Through Nov 2026
Assumption only · ends Jun 2054$606,318
New conventional · ends Dec 2056$723,403