Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
Lowest payment- Down payment
- $46,613
- Funds due
- $60,849
- Interest + MI left
- $573,124
- First ends
- Aug 2054
New loan
New conventional
$3,539/mo
+$30/mo- Down payment
- $49,500
- Funds due
- $60,214
- Interest + MI left
- $651,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $448,387 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,076.84 | $3,017.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $431.67 | $431.67 |
| Total housing payment | $3,508.51 | $3,538.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,613
Closing costs & prepaids$14,235
Usable credit−$0
Total buyer cash needed$60,849
Earnest money paid−$0
Remaining funds due$60,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,241.93
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$780.56
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 8 moOf the original 30-year loan at 7.06%
Interest already paid$74,854Through Dec 2026
Assumption only · ends Aug 2054$573,124
New conventional · ends Jan 2057$651,395