Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,368/mo
Lowest payment- Down payment
- $37,880
- Funds due
- $48,661
- Interest + MI left
- $362,956
- First ends
- Jun 2054
New loan
New conventional
$2,522/mo
+$154/mo- Down payment
- $33,500
- Funds due
- $41,673
- Interest + MI left
- $457,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $297,120 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,994.19 | $2,087.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $373.92 | $373.92 |
| Total housing payment | $2,368.10 | $2,521.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,880
Closing costs & prepaids$10,781
Usable credit−$0
Total buyer cash needed$48,661
Earnest money paid−$0
Remaining funds due$48,661
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,485.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$176.75
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$55.52
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$49,683Through Nov 2026
Assumption only · ends Jun 2054$362,956
New conventional · ends Dec 2056$457,245