Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,007/mo
Lowest payment- Down payment
- $23,091
- Funds due
- $35,264
- Interest + MI left
- $481,170
- First ends
- Sep 2054
New loan
New conventional
$3,037/mo
+$30/mo- Down payment
- $41,000
- Funds due
- $50,040
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $386,909 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,599.04 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $408.33 | $408.33 |
| Total housing payment | $3,007.37 | $3,037.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,091
Closing costs & prepaids$12,173
Usable credit−$0
Total buyer cash needed$35,264
Earnest money paid−$0
Remaining funds due$35,264
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,934.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$400.00
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$145.44
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$58,245Through Nov 2026
Assumption only · ends Sep 2054$481,170
New conventional · ends Dec 2056$559,613