Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,231/mo
Lowest payment- Down payment
- $46,165
- Funds due
- $60,152
- Interest + MI left
- $501,456
- First ends
- Nov 2054
New loan
New conventional
$3,475/mo
+$244/mo- Down payment
- $48,700
- Funds due
- $59,288
- Interest + MI left
- $640,867
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $440,835 | $438,300 |
| Second mortgage | — | — |
| First P&I | $2,812.81 | $2,969.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.66 |
| Taxes, insurance & HOA | $418.17 | $418.17 |
| Total housing payment | $3,230.98 | $3,475.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,165
Closing costs & prepaids$13,987
Usable credit−$0
Total buyer cash needed$60,152
Earnest money paid−$0
Remaining funds due$60,152
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,870.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,204.18
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$584.50
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$690.24
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$59,107Through Dec 2026
Assumption only · ends Nov 2054$501,456
New conventional · ends Jan 2057$640,867