Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,976/mo
Lowest payment- Down payment
- $42,045
- Funds due
- $54,636
- Interest + MI left
- $445,614
- First ends
- Apr 2054
New loan
New conventional
$3,266/mo
+$291/mo- Down payment
- $45,000
- Funds due
- $54,332
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,955 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,594.44 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $381.08 | $381.08 |
| Total housing payment | $2,975.52 | $3,266.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,045
Closing costs & prepaids$12,591
Usable credit−$0
Total buyer cash needed$54,636
Earnest money paid−$0
Remaining funds due$54,636
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,039.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.25
Initial HOA (3 months)$177.00
Prepaid interest, first (2 days)$139.71
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 closing27 yr 5 moOf the original 30-year loan at 6.250%
Interest already paid$67,015Through Nov 2026
Assumption only · ends Apr 2054$445,614
New conventional · ends Dec 2056$614,210