Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,950/mo
Lowest payment- Down payment
- $26,574
- Funds due
- $38,626
- Interest + MI left
- $447,504
- First ends
- Jun 2054
New loan
New conventional
$3,000/mo
+$49/mo- Down payment
- $38,970
- Funds due
- $48,026
- Interest + MI left
- $531,906
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $363,126 | $350,730 |
| Second mortgage | — | — |
| First P&I | $2,449.03 | $2,428.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.15 |
| Taxes, insurance & HOA | $501.00 | $501.00 |
| Total housing payment | $2,950.03 | $2,999.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,574
Closing costs & prepaids$12,052
Usable credit−$0
Total buyer cash needed$38,626
Earnest money paid−$0
Remaining funds due$38,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,897.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,815.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$513.00
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$68.35
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 6.870%
Interest already paid$61,158Through Nov 2026
Assumption only · ends Jun 2054$447,504
New conventional · ends Dec 2056$531,906