Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $13,206
- Funds due
- $25,635
- Interest + MI left
- $379,885
- First ends
- Jul 2054
New loan
New conventional
$2,899/mo
+$177/mo- Down payment
- $39,450
- Funds due
- $48,873
- Interest + MI left
- $519,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,294 | $355,050 |
| Second mortgage | — | — |
| First P&I | $2,299.63 | $2,405.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.01 |
| Taxes, insurance & HOA | $422.83 | $422.83 |
| Total housing payment | $2,722.47 | $2,899.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,206
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$25,635
Earnest money paid−$0
Remaining funds due$25,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,945.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,906.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$473.50
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$540.60
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 7 moOf the original 30-year loan at 5.75%
Interest already paid$53,922Through Dec 2026
Assumption only · ends Jul 2054$379,885
New conventional · ends Jan 2057$519,142