Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,417/mo
Lowest payment- Down payment
- $45,508
- Funds due
- $59,314
- Interest + MI left
- $519,687
- First ends
- Nov 2054
New loan
New conventional
$3,686/mo
+$269/mo- Down payment
- $48,900
- Funds due
- $59,217
- Interest + MI left
- $667,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $443,492 | $440,100 |
| Second mortgage | — | — |
| First P&I | $2,866.60 | $3,047.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.02 |
| Taxes, insurance & HOA | $550.58 | $550.58 |
| Total housing payment | $3,417.19 | $3,685.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,508
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$59,314
Earnest money paid−$0
Remaining funds due$59,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,217.46
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,084.25
Initial HOA (3 months)$67.50
Prepaid interest, first (1 days)$78.86
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 yrOf the original 30-year loan at 6.490%
Interest already paid$58,290Through Nov 2026
Assumption only · ends Nov 2054$519,687
New conventional · ends Dec 2056$667,441