Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,064/mo
+$49/mo- Down payment
- $21,301
- Funds due
- $34,091
- Interest + MI left
- $482,101
- First ends
- Jul 2054
New loan
New conventional
$3,015/mo
Lowest payment- Down payment
- $41,250
- Funds due
- $50,873
- Interest + MI left
- $542,829
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,199 | $371,250 |
| Second mortgage | — | — |
| First P&I | $2,638.37 | $2,514.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.25 |
| Taxes, insurance & HOA | $426.00 | $426.00 |
| Total housing payment | $3,064.37 | $3,015.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,301
Closing costs & prepaids$12,790
Usable credit−$0
Total buyer cash needed$34,091
Earnest money paid−$0
Remaining funds due$34,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,125.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,956.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$495.00
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$662.68
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 6.87%
Interest already paid$65,886Through Dec 2026
Assumption only · ends Jul 2054$482,101
New conventional · ends Jan 2057$542,829