Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,056/mo
+$28/mo- Down payment
- $28,139
- Funds due
- $40,917
- Interest + MI left
- $481,459
- First ends
- May 2054
New loan
New conventional
$3,028/mo
Lowest payment- Down payment
- $41,690
- Funds due
- $51,314
- Interest + MI left
- $548,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,761 | $375,210 |
| Second mortgage | — | — |
| First P&I | $2,645.05 | $2,541.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.04 |
| Taxes, insurance & HOA | $410.75 | $410.75 |
| Total housing payment | $3,055.80 | $3,027.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,139
Closing costs & prepaids$12,778
Usable credit−$0
Total buyer cash needed$40,917
Earnest money paid−$0
Remaining funds due$40,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,169.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,943.80
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$500.25
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$665.26
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$70,767Through Dec 2026
Assumption only · ends May 2054$481,459
New conventional · ends Jan 2057$548,619