Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,360/mo
Lowest payment- Down payment
- $23,879
- Funds due
- $37,912
- Interest + MI left
- $520,905
- First ends
- Nov 2054
New loan
New conventional
$3,424/mo
+$64/mo- Down payment
- $47,000
- Funds due
- $57,575
- Interest + MI left
- $618,496
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,121 | $423,000 |
| Second mortgage | — | — |
| First P&I | $2,886.64 | $2,865.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.60 |
| Taxes, insurance & HOA | $473.67 | $473.67 |
| Total housing payment | $3,360.31 | $3,423.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,879
Closing costs & prepaids$14,034
Usable credit−$0
Total buyer cash needed$37,912
Earnest money paid−$0
Remaining funds due$37,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,230.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$713.92
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$61,113Through Dec 2026
Assumption only · ends Nov 2054$520,905
New conventional · ends Jan 2057$618,496