Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,309/mo
Lowest payment- Down payment
- $44,021
- Funds due
- $57,727
- Interest + MI left
- $517,491
- First ends
- Feb 2054
New loan
New conventional
$3,333/mo
+$24/mo- Down payment
- $46,000
- Funds due
- $56,385
- Interest + MI left
- $605,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $415,979 | $414,000 |
| Second mortgage | — | — |
| First P&I | $2,863.40 | $2,804.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $445.67 | $445.67 |
| Total housing payment | $3,309.07 | $3,333.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,021
Closing costs & prepaids$13,706
Usable credit−$0
Total buyer cash needed$57,727
Earnest money paid−$0
Remaining funds due$57,727
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,079.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$721.07
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 closing27 yr 2 moOf the original 30-year loan at 7.03%
Interest already paid$84,243Through Dec 2026
Assumption only · ends Feb 2054$517,491
New conventional · ends Jan 2057$605,336