Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,425/mo
+$96/mo- Down payment
- $23,900
- Funds due
- $37,715
- Interest + MI left
- $559,960
- First ends
- Aug 2054
New loan
New conventional
$3,328/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,829
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,100 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,015.24 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.70 |
| Taxes, insurance & HOA | $409.34 | $409.34 |
| Total housing payment | $3,424.58 | $3,328.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,900
Closing costs & prepaids$13,815
Usable credit−$0
Total buyer cash needed$37,715
Earnest money paid−$0
Remaining funds due$37,715
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,205.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$763.53
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 8 moOf the original 30-year loan at 7.02%
Interest already paid$73,227Through Dec 2026
Assumption only · ends Aug 2054$559,960
New conventional · ends Jan 2057$611,916