Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
Lowest payment- Down payment
- $39,469
- Funds due
- $51,519
- Interest + MI left
- $321,118
- First ends
- Nov 2054
New loan
New conventional
$2,903/mo
+$237/mo- Down payment
- $31,300
- Funds due
- $40,894
- Interest + MI left
- $427,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $273,531 | $281,700 |
| Second mortgage | — | — |
| First P&I | $1,769.79 | $1,950.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.34 |
| Taxes, insurance & HOA | $895.83 | $895.83 |
| Total housing payment | $2,665.62 | $2,902.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,469
Closing costs & prepaids$12,051
Usable credit−$0
Total buyer cash needed$51,519
Earnest money paid−$0
Remaining funds due$51,519
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,130.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,367.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$782.50
Initial HOA (3 months)$1,455.00
Prepaid interest, first (2 days)$97.42
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$36,006Through Nov 2026
Assumption only · ends Nov 2054$321,118
New conventional · ends Dec 2056$427,217