Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $27,265
- Funds due
- $39,345
- Interest + MI left
- $470,626
- First ends
- Oct 2054
New loan
New conventional
$3,007/mo
+$64/mo- Down payment
- $40,500
- Funds due
- $49,500
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,735 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,532.42 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $410.58 | $410.58 |
| Total housing payment | $2,943.00 | $3,007.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,265
Closing costs & prepaids$12,080
Usable credit−$0
Total buyer cash needed$39,345
Earnest money paid−$0
Remaining funds due$39,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,888.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$406.75
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$141.78
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 6.850%
Interest already paid$54,569Through Nov 2026
Assumption only · ends Oct 2054$470,626
New conventional · ends Dec 2056$552,789