Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,951/mo
Lowest payment- Down payment
- $30,145
- Funds due
- $42,520
- Interest + MI left
- $467,765
- First ends
- Nov 2054
New loan
New conventional
$3,159/mo
+$209/mo- Down payment
- $43,990
- Funds due
- $53,101
- Interest + MI left
- $600,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,755 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,611.67 | $2,741.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $338.84 | $338.84 |
| Total housing payment | $2,950.50 | $3,159.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,145
Closing costs & prepaids$12,375
Usable credit−$0
Total buyer cash needed$42,520
Earnest money paid−$0
Remaining funds due$42,520
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,048.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$527.75
Initial HOA (3 months)$38.76
Prepaid interest, first (2 days)$142.57
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 6.350%
Interest already paid$52,712Through Nov 2026
Assumption only · ends Nov 2054$467,765
New conventional · ends Dec 2056$600,424