Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,870/mo
Lowest payment- Down payment
- $42,123
- Funds due
- $54,196
- Interest + MI left
- $441,401
- First ends
- Jul 2054
New loan
New conventional
$3,024/mo
+$154/mo- Down payment
- $39,900
- Funds due
- $49,008
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,877 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,404.45 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $465.42 | $465.42 |
| Total housing payment | $2,869.87 | $3,023.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,123
Closing costs & prepaids$12,073
Usable credit−$0
Total buyer cash needed$54,196
Earnest money paid−$0
Remaining funds due$54,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,784.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$604.25
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$134.34
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 8 moOf the original 30-year loan at 6.870%
Interest already paid$58,001Through Nov 2026
Assumption only · ends Jul 2054$441,401
New conventional · ends Dec 2056$544,599