Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,130/mo
Lowest payment- Down payment
- $33,792
- Funds due
- $49,346
- Interest + MI left
- $572,485
- First ends
- Oct 2054
New loan
New conventional
$4,232/mo
+$102/mo- Down payment
- $49,900
- Funds due
- $61,846
- Interest + MI left
- $681,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $465,208 | $449,100 |
| Second mortgage | — | — |
| First P&I | $3,097.59 | $3,109.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $1,032.50 | $1,032.50 |
| Total housing payment | $4,130.09 | $4,231.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,792
Closing costs & prepaids$15,554
Usable credit−$0
Total buyer cash needed$49,346
Earnest money paid−$0
Remaining funds due$49,346
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,326.04
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,247.50
Initial HOA (3 months)$1,350.00
Prepaid interest, first (2 days)$172.83
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$66,530Through Nov 2026
Assumption only · ends Oct 2054$572,485
New conventional · ends Dec 2056$681,090