Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,878/mo
Lowest payment- Down payment
- $43,521
- Funds due
- $55,812
- Interest + MI left
- $447,846
- First ends
- Nov 2054
New loan
New conventional
$3,135/mo
+$257/mo- Down payment
- $42,500
- Funds due
- $51,685
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,478 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,468.23 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $410.00 | $410.00 |
| Total housing payment | $2,878.23 | $3,134.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,521
Closing costs & prepaids$12,291
Usable credit−$0
Total buyer cash needed$55,812
Earnest money paid−$0
Remaining funds due$55,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,907.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$135.87
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 6.500%
Interest already paid$50,216Through Nov 2026
Assumption only · ends Nov 2054$447,846
New conventional · ends Dec 2056$580,085