Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,880/mo
Lowest payment- Down payment
- $43,923
- Funds due
- $56,693
- Interest + MI left
- $445,779
- First ends
- Nov 2054
New loan
New conventional
$3,080/mo
+$199/mo- Down payment
- $42,500
- Funds due
- $52,213
- Interest + MI left
- $559,277
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,076 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,468.23 | $2,591.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $412.00 | $412.00 |
| Total housing payment | $2,880.23 | $3,079.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,923
Closing costs & prepaids$12,770
Usable credit−$0
Total buyer cash needed$56,693
Earnest money paid−$0
Remaining funds due$56,693
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,905.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$610.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$52,282Through Dec 2026
Assumption only · ends Nov 2054$445,779
New conventional · ends Jan 2057$559,277