Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,771/mo
Lowest payment- Down payment
- $25,065
- Funds due
- $41,471
- Interest + MI left
- $461,664
- First ends
- Oct 2054
New loan
New conventional
$4,783/mo
+$1,012/mo- Down payment
- $67,580
- Funds due
- $79,312
- Interest + MI left
- $922,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $650,735 | $608,220 |
| Second mortgage | — | — |
| First P&I | $3,320.59 | $4,211.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.64 |
| Taxes, insurance & HOA | $450.33 | $450.33 |
| Total housing payment | $3,770.93 | $4,783.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,065
Closing costs & prepaids$16,406
Usable credit−$0
Total buyer cash needed$41,471
Earnest money paid−$0
Remaining funds due$41,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,758.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,253.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$581.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$75.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.250%
Interest already paid$58,750Through Nov 2026
Assumption only · ends Oct 2054$461,664
New conventional · ends Dec 2056$922,407