Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,833/mo
Lowest payment- Down payment
- $37,283
- Funds due
- $49,591
- Interest + MI left
- $446,985
- First ends
- Jul 2054
New loan
New conventional
$2,873/mo
+$40/mo- Down payment
- $39,250
- Funds due
- $48,610
- Interest + MI left
- $516,510
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $355,217 | $353,250 |
| Second mortgage | — | — |
| First P&I | $2,423.57 | $2,393.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.65 |
| Taxes, insurance & HOA | $409.00 | $409.00 |
| Total housing payment | $2,832.57 | $2,872.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,283
Closing costs & prepaids$12,308
Usable credit−$0
Total buyer cash needed$49,591
Earnest money paid−$0
Remaining funds due$49,591
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,925.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,776.08
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$471.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$612.24
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 6.99%
Interest already paid$60,851Through Dec 2026
Assumption only · ends Jul 2054$446,985
New conventional · ends Jan 2057$516,510