Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
Lowest payment- Down payment
- $38,186
- Funds due
- $49,634
- Interest + MI left
- $361,268
- First ends
- Jun 2054
New loan
New conventional
$2,552/mo
+$109/mo- Down payment
- $33,500
- Funds due
- $42,371
- Interest + MI left
- $440,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,814 | $301,500 |
| Second mortgage | — | — |
| First P&I | $1,994.19 | $2,042.47 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.30 |
| Taxes, insurance & HOA | $449.00 | $449.00 |
| Total housing payment | $2,443.19 | $2,551.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,186
Closing costs & prepaids$11,448
Usable credit−$0
Total buyer cash needed$49,634
Earnest money paid−$0
Remaining funds due$49,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$402.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$499.14
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$51,372Through Dec 2026
Assumption only · ends Jun 2054$361,268
New conventional · ends Jan 2057$440,843