Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,378/mo
+$808/mo- Down payment
- $29,895
- Funds due
- $44,151
- Interest + MI left
- $204,338
- First ends
- Mar 2041
New loan
New conventional
$3,570/mo
Lowest payment- Down payment
- $49,500
- Funds due
- $60,307
- Interest + MI left
- $651,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $465,105 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,914.87 | $3,017.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $462.67 | $462.67 |
| Total housing payment | $4,377.54 | $3,569.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,895
Closing costs & prepaids$14,255
Usable credit−$0
Total buyer cash needed$44,151
Earnest money paid−$0
Remaining funds due$44,151
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,325.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$623.88
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 closing14 yr 3 moOf the original 15-year loan at 5.44%
Interest already paid$19,339Through Dec 2026
Assumption only · ends Mar 2041$204,338
New conventional · ends Jan 2057$651,395