Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,381/mo
+$2/mo- Down payment
- $35,734
- Funds due
- $49,452
- Interest + MI left
- $521,288
- First ends
- Jul 2054
New loan
New conventional
$3,380/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $55,407
- Interest + MI left
- $592,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,265 | $404,999 |
| Second mortgage | — | — |
| First P&I | $2,826.44 | $2,743.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $555.00 | $555.00 |
| Total housing payment | $3,381.44 | $3,379.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,734
Closing costs & prepaids$13,718
Usable credit−$0
Total buyer cash needed$49,452
Earnest money paid−$0
Remaining funds due$49,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,071.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$714.01
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$70,967Through Dec 2026
Assumption only · ends Jul 2054$521,288
New conventional · ends Jan 2057$592,176