Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,366/mo
+$741/mo- Down payment
- $28,097
- Funds due
- $41,841
- Interest + MI left
- $206,455
- First ends
- Mar 2041
New loan
New conventional
$3,624/mo
Lowest payment- Down payment
- $49,500
- Funds due
- $59,663
- Interest + MI left
- $675,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $466,903 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,914.87 | $3,084.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $450.75 | $450.75 |
| Total housing payment | $4,365.62 | $3,624.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,097
Closing costs & prepaids$13,744
Usable credit−$0
Total buyer cash needed$41,841
Earnest money paid−$0
Remaining funds due$41,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,334.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.25
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$139.18
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 closing14 yr 4 moOf the original 15-year loan at 5.440%
Interest already paid$17,222Through Nov 2026
Assumption only · ends Mar 2041$206,455
New conventional · ends Dec 2056$675,631