Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,299/mo
Lowest payment- Down payment
- $15,489
- Funds due
- $29,047
- Interest + MI left
- $487,143
- First ends
- Dec 2054
New loan
New conventional
$3,492/mo
+$193/mo- Down payment
- $46,250
- Funds due
- $56,337
- Interest + MI left
- $631,271
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $447,011 | $416,250 |
| Second mortgage | — | — |
| First P&I | $2,771.97 | $2,882.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.25 |
| Taxes, insurance & HOA | $526.92 | $526.92 |
| Total housing payment | $3,298.89 | $3,492.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,489
Closing costs & prepaids$13,558
Usable credit−$0
Total buyer cash needed$29,047
Earnest money paid−$0
Remaining funds due$29,047
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,625.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,235.06
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.75
Initial HOA (3 months)$426.00
Prepaid interest, first (2 days)$149.17
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 closing28 yr 1 moOf the original 30-year loan at 6.090%
Interest already paid$52,854Through Nov 2026
Assumption only · ends Dec 2054$487,143
New conventional · ends Dec 2056$631,271