Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,223/mo
+$259/mo- Down payment
- $0
- Funds due
- $12,179
- Interest + MI left
- $501,451
- First ends
- Apr 2054
New loan
New conventional
$2,964/mo
Lowest payment- Down payment
- $39,800
- Funds due
- $48,667
- Interest + MI left
- $543,234
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,165 | $358,200 |
| Second mortgage | — | — |
| First P&I | $2,810.39 | $2,480.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.64 |
| Taxes, insurance & HOA | $412.41 | $412.41 |
| Total housing payment | $3,222.80 | $2,964.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,179
Usable credit−$0
Total buyer cash needed$12,179
Earnest money paid−$0
Remaining funds due$12,179
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$531.25
Initial HOA (3 months)$255.99
Prepaid interest, first (1 days)$77.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.690%
Interest already paid$74,308Through Nov 2026
Assumption only · ends Apr 2054$501,451
New conventional · ends Dec 2056$543,234