Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,554/mo
Lowest payment- Down payment
- $32,347
- Funds due
- $47,253
- Interest + MI left
- $539,356
- First ends
- Dec 2054
New loan
New conventional
$3,794/mo
+$240/mo- Down payment
- $53,000
- Funds due
- $64,192
- Interest + MI left
- $697,453
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,653 | $477,000 |
| Second mortgage | — | — |
| First P&I | $3,086.33 | $3,231.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.40 |
| Taxes, insurance & HOA | $467.67 | $467.67 |
| Total housing payment | $3,554.00 | $3,794.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,347
Closing costs & prepaids$14,905
Usable credit−$0
Total buyer cash needed$47,253
Earnest money paid−$0
Remaining funds due$47,253
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,488.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$746.07
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 closing28 yrOf the original 30-year loan at 6.08%
Interest already paid$61,337Through Dec 2026
Assumption only · ends Dec 2054$539,356
New conventional · ends Jan 2057$697,453