Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
Lowest payment- Down payment
- $30,467
- Funds due
- $43,528
- Interest + MI left
- $562,543
- First ends
- Aug 2054
New loan
New conventional
$3,358/mo
+$11/mo- Down payment
- $47,200
- Funds due
- $56,790
- Interest + MI left
- $644,238
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,533 | $424,800 |
| Second mortgage | — | — |
| First P&I | $3,015.24 | $2,941.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.96 |
| Taxes, insurance & HOA | $331.59 | $331.59 |
| Total housing payment | $3,346.83 | $3,357.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,467
Closing costs & prepaids$13,060
Usable credit−$0
Total buyer cash needed$43,528
Earnest money paid−$0
Remaining funds due$43,528
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,720.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,207.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$324.75
Initial HOA (3 months)$170.01
Prepaid interest, first (2 days)$169.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 7.020%
Interest already paid$70,644Through Nov 2026
Assumption only · ends Aug 2054$562,543
New conventional · ends Dec 2056$644,238