Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,597/mo
Lowest payment- Down payment
- $41,537
- Funds due
- $55,768
- Interest + MI left
- $569,096
- First ends
- Nov 2054
New loan
New conventional
$3,847/mo
+$250/mo- Down payment
- $52,990
- Funds due
- $63,476
- Interest + MI left
- $723,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $488,363 | $476,910 |
| Second mortgage | — | — |
| First P&I | $3,147.20 | $3,302.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.38 |
| Taxes, insurance & HOA | $449.58 | $449.58 |
| Total housing payment | $3,596.78 | $3,846.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,537
Closing costs & prepaids$14,230
Usable credit−$0
Total buyer cash needed$55,768
Earnest money paid−$0
Remaining funds due$55,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,441.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$586.75
Initial HOA (3 months)$261.99
Prepaid interest, first (2 days)$172.87
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 6.460%
Interest already paid$63,896Through Nov 2026
Assumption only · ends Nov 2054$569,096
New conventional · ends Dec 2056$723,266