Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,883/mo
Lowest payment- Down payment
- $49,099
- Funds due
- $64,321
- Interest + MI left
- $307,372
- First ends
- Dec 2055
New loan
New conventional
$4,077/mo
+$1,194/mo- Down payment
- $56,890
- Funds due
- $68,610
- Interest + MI left
- $748,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,801 | $512,010 |
| Second mortgage | — | — |
| First P&I | $2,376.93 | $3,468.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $102.40 |
| Taxes, insurance & HOA | $506.25 | $506.25 |
| Total housing payment | $2,883.18 | $4,077.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,099
Closing costs & prepaids$15,222
Usable credit−$0
Total buyer cash needed$64,321
Earnest money paid−$0
Remaining funds due$64,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,689.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,599.01
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.75
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$447.31
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 closing29 yrOf the original 30-year loan at 3.49%
Interest already paid$18,335Through Dec 2026
Assumption only · ends Dec 2055$307,372
New conventional · ends Jan 2057$748,643